Unicorn financial service provider, Moniepoint, introduces a Point-of-Sale terminal, hinting at a strategy aimed at enterprise-level partnerships.
Moniepoint's Moniebook POS System Revolutionises Nigerian SMB Market
In a bid to streamline operations for small and medium-sized businesses (SMBs) in Nigeria, Moniepoint has launched its new software, Moniebook. This innovative platform integrates real-time inventory reconciliation with payment processing, addressing a significant gap in merchant operations.
Moniebook stands out among other SaaS platforms due to its horizontal, scalable solution, applicable to various sectors. Unlike niche vertical platforms like Orda and Mira, Moniebook serves multiple business types, enhancing versatility and merchant retention.
The core components of Moniebook are the back office dashboard and the POS register interface. The back office dashboard allows merchants to add items, set prices, and control inventory, while the POS register interface is used by staff to process sales and collect payments. Moniebook's offline capability ensures business continuity even with intermittent internet, syncing data once online.
Key advantages of Moniebook include instantaneous inventory reconciliation, role-based access with audit trails, comprehensive transaction visibility, advanced inventory features, and subscription pricing suited to SMBs. These features prevent errors, ensure secure transaction management, provide detailed sales breakdowns, enhance operational control, and offer plans starting at ₦6,000/month.
Moniebook's data can also be used for fraud prevention and compliance, providing a regulator-ready record. The platform has been successfully tested during a beta phase, with over 4,000 businesses using it, including restaurants, roadside shops, supermarkets, fuel stations, and a toll gate.
Moniepoint, recognising the importance of low barriers to entry, leases its touchscreen POS terminals rather than selling them outright. This keeps the cost low for small merchants and simplifies hardware upgrades.
Moniepoint aims to have 100,000 active merchants by the end of the year, leveraging its existing nationwide POS network for quick onboarding. This advantage in distribution and customer relationships is expected to further boost the adoption of Moniebook.
The Moniebook team has grown significantly, expanding from 12 to 60 people, including product managers, engineers, designers, data specialists, growth marketers, and support staff. The team's efforts are paying off, as Moniebook's real-time operational data is used for risk modelling in Moniepoint's fast-growing lending business, which currently represents about 20% of revenue.
Moniepoint's media relations manager, Bemigho Awala, emphasises the importance of developing and scaling the merchant stack for SMEs. The increasing push towards this endeavour is good for SMBs, according to Awala.
Moonshot by Moniepoint's website is returning to Lagos on October 15-16, offering early bird tickets with a 20% discount. This event promises to be a platform for networking, learning, and innovation for the Nigerian tech ecosystem.
In summary, Moniepoint's Moniebook POS system offers a competitive and often superior solution to typical Nigerian SaaS POS platforms, providing a unified, scalable software for sales, inventory, and payments that is especially suitable for Nigerian SMBs.
- Fintech startup Moniepoint, through its innovative platform Moniebook, is revolutionizing the Nigerian small and medium-sized business (SMB) market by integrating real-time inventory reconciliation with payment processing.
- Moniebook stands out amongst other SaaS platforms due to its horizontal, scalable solution, applicable to various sectors, making it more versatile compared to niche vertical platforms like Orda and Mira.
- As part of its strategy to keep costs low for small merchants and simplify hardware upgrades, Moniepoint leases its touchscreen POS terminals rather than selling them outright, enabling a wider adoption of the system among SMBs.
