Nigerian fintech unicorn Moniepoint is testing a new all-in-one point-of-sale (POS) terminal designed to go beyond payments and help businesses manage inventory, sales, and transaction reconciliation. This development follows Moniepoint’s December 2023 acquisition of Grocel, a fintech company specializing in inventory management solutions.
The acquisition allowed Moniepoint to integrate Grocel’s technology and team, enabling the company to enhance its POS devices with features that streamline business operations. The new device aims to replace the common practice of using separate tools for bookkeeping and inventory tracking.
A Moniepoint executive, speaking anonymously, likened the product to Square, a U.S.-based payment company that offers retail management POS devices. However, the key distinction is that Moniepoint’s device is built to be more rugged and accessible for small roadside vendors as well as larger businesses.
Moniepoint plans to leverage its extensive distribution network to gain an edge in the space, where companies like Mira are already offering similar solutions. With over 800,000 POS terminals in circulation and 2 million enterprise users, Moniepoint is well-positioned to market the new device before the end of the quarter.
Despite Moniepoint’s success in digital payments, industry players warn that entering the business management space requires more than just adding new features. Mira CEO Ted Oladele pointed out that fintech companies often focus on payments and may lack the appetite to build customized solutions for diverse industries like retail and food service, where businesses have unique operational needs.
For instance, restaurants need POS terminals that support tableside ordering while also integrating with kitchen display systems to manage operations. Some businesses may also require advanced analytics, supplier management tools, and logistics integration These are capabilities that demand more than just a payments-first approach.
Moniepoint’s move into this space follows a growing trend of fintech firms expanding their offerings. In 2023, Nomba launched its own all-in-one POS device, Nomba MAX, tailored to restaurants. Internationally, Stripe provides POS solutions that extend beyond payments to include order tracking, reconciliation, and logistics support.
