#Moniepoint Nigeria
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Double eviction rocks the BBN house as Tolani Baj and Frodd exit the Quest for 120m
Big Brother Season 8, the All-Stars edition, has been widely loved by fans and this season has seen an exciting twist to the eviction process when a jury of past BBNaija stars evicted one person from the bottom two for three weeks: evicting Princess, Uriel, and Kiddwaya. Big Brother, however, ended the jury system this week, and the viewers now fully have control of the eviction process. In a…
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CBN Orders Fintech Firms OPay, Palmpay, Kuda Bank, Moniepoint To Suspend Onboarding of New Customers
The Central Bank of Nigeria (CBN) has ordered four fintech companies to suspend the onboarding of new customers until further notice.
The affected fintech firms, namely OPay, Palmpay, Kuda Bank, and Moniepoint, have come under scrutiny due to allegations of their accounts being utilised for illicit foreign exchange transactions.
According to reports, representatives from two of the companies acknowledged that the CBN’s directive is connected to these allegations.
However, they expressed concerns that the directive might be misdirected, highlighting that the majority of the implicated accounts are held by commercial banks rather than fintech platforms.
Earlier, it was reported that the Economic and Financial Crimes Commission (EFCC) had obtained a court order to freeze at least 1,146 bank accounts owned by individuals and companies allegedly involved in illegal foreign exchange transactions.
Justice Emeka Nwite, in a ruling on the ex-parte motion presented by the anti-graft agency’s lawyer, Ekele Iheanacho, granted the commission’s request to conclude the investigation within 90 days.
Although the verdict was issued on April 24, its certified true copy was provided on Monday.
The EFCC is also investigating other offences, including money laundering and terrorism financing.
An examination of the list of affected accounts reveals that the majority are deposit money bank accounts.
The EFCC stated in its request for the account freeze that its preliminary investigation indicated the accounts were linked to individuals exploiting virtual cryptocurrency exchange platforms to manipulate the Naira’s value illegally and launder proceeds from unlawful activities.
It cited the necessity to preserve the funds in the identified accounts pending the investigation’s conclusion and potential prosecution.
Despite a court order citing most of the accounts involved in alleged illegal forex trading as commercial bank accounts, the banks have not been instructed to halt new customer onboarding.
Chioma Kalu
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Moniepoint MFB unveils new feature to combat fraud and enhance convenience
Nigeria’s definitive bank for small and medium-sized businesses, as well as their customers and employees, Moniepoint Microfinance Bank, has unveiled its new Unstructured Supplementary Service Data, USSD service. This service, accessible via the account control code *5573#, offers a fast, secure, and user-friendly platform for consumers to conduct their banking activities with ease, from any…
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Police arrest cops for extorting N29m from Abuja businessman
The Nigeria Police Force has confirmed the arrest of its officers who abducted a businessman in Abuja and extorted N29.9m from him in January.
The force spokesperson, Olumuyiwa Adejobi, confirmed the development on Tuesday through his X handle (@Princemoye1), while disclosing that the force had taken significant steps toward ensuring justice prevailed in the case.
He said, “We are making a headway on this matter, and justice will be served, as some suspects have been arrested. Hakuna matata.”
The businessman was reportedly abducted at one of his sites in Abuja by armed police officers who detained him until he transferred all the money in his bank account to them.
Subsequently, they insisted that he call his relatives and friends to keep sending money before he could be released.
In a video watched by Punch Online, a narrator had said, “I posted about the case of N29,900,000 police extortion in Abuja, Nigeria. Alright, I don’t know how to call it, whether it is police robbery, kidnapping or police extortion. But this is beyond extortion. This is criminal act and this is kidnapping and they collected from this young man is called ransom.
“All right, this young man was driving yesterday going to his site because he has a building project in Abuja here and he was stopped by some police officers who were dressed in black with Ak-47 seven rifle magazines and they took him away.
“So they took him round Abuja, took him round because some cases we have witnessed before before, that’s how they always operate. Took him to an unknown destination. Like he told me yesterday and at a point he was scared. Where were they taking him to?
“So they started checking his phone, they saw his account balance, they saw his wallet and everything, and they told him to send all the money in his account to an account number they provided, they gave him two account numbers. One is Access Bank and one is Moniepoint. The man transferred all the money he has in his account and now started calling his friends, who were sending him three million, one million.
“In Abuja currently, you have heard about kidnapping cases, robbery cases and nobody knows who are these people operating like this. Now this act of these police officers; how do you describe it? Is in the robbery? Is it kidnapping or is it professional or work like carried out by them? Remember, no complaint was made against this young man. No statement was taken.
“You only forced him to make your video like other cases will be handling for years, they will force you to make a video to for you to indict yourself that you are either a fraudster or you are involved in cultism, you are involved in ritual, or you are member of IPOB, these are the trends from the cases we have handled for the past 9 years. This has been the trend of these rogue police officers.”
In less than 24 hours, police operatives from the Federal Capital Territory command arrested a 20-year-old kidnap kingpin, Buhari Muhammad, and five others in a hotel in Abuja.
The suspects, who were arrested following intelligence on their activities were said to have kidnapped one Joshua Eze.
Eze who was abducted on January 27 was subsequently rescued unhurt by operatives of the command on January 28, 2024.
Announcing the arrest of the suspects in a statement on Monday, the FCT command’s spokesperson, SP Josephine Adeh, stated that one AK-47 and N350,000 were recovered from the suspects.
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How to Calculate Charges On Moniepoint POS and Save Money
If you are a business owner in Nigeria, you might have heard of Moniepoint POS, a device that allows you to accept card and transfer payments from your customers. Moniepoint POS is one of the most popular and reliable POS services in the country, with over 100,000 agents and millions of transactions processed every month.
But how much does Moniepoint POS charge you for each transaction? And how can you reduce your charges and save money? In this article, we will explain how to calculate charges on Moniepoint POS, and share some tips and tricks to help you optimize your POS usage and increase your profits.
How to Calculate Charges On Moniepoint POS
Moniepoint POS charges you differently depending on the type and amount of the transaction. There are two main types of transactions: withdrawals and transfers.
Withdrawals
Withdrawals are when you allow your customers to withdraw cash from their bank accounts using your Moniepoint POS device. For withdrawals, Moniepoint POS charges you a percentage or a flat rate of the transaction amount, depending on the amount.
- For withdrawals between N1 to N20,000, Moniepoint POS charges 0.5% of the transaction amount. For example, if you withdraw N10,000, you will pay N50 as a charge.
- For withdrawals above N20,000, Moniepoint POS charges a flat rate of N100. For example, if you withdraw N50,000, you will pay N100 as a charge.
To calculate the charge for a withdrawal, you can use this formula:
Charge = 0.5% x Amount (if Amount N20,000)
Transfers
Transfers are when you allow your customers to send money to another bank account using your Moniepoint POS device. For transfers, Moniepoint POS charges you a flat rate of N20, regardless of the amount.
To calculate the charge for a transfer, you can use this formula:
Charge = N20
Moniepoint POS Transaction Charges
Moniepoint POS stands out for its simplicity and affordability, making it an ideal choice for businesses of all sizes. Here's a closer look at the key aspects of Moniepoint transaction charges:
1. Withdrawal Charges
Moniepoint charges a minimal fee for withdrawals, ensuring that businesses can maximize their profits. The withdrawal charges are as follows:
- For transactions up to N20,000: 0.5% of the transaction amount.
- For transactions above N20,000: A flat rate of N100.
This transparent fee structure allows businesses to plan their finances effectively, avoiding any surprises in transaction costs.
2. Flat Fee for Withdrawals
Moniepoint further simplifies its fee structure by applying a flat fee of ₦100 for any withdrawal amount. This cost-effective approach makes Moniepoint an attractive option for businesses looking to optimize their expenses.
3. Cost-Effective Option to Kickstart Your Business
Starting a business involves careful financial planning, and Moniepoint understands the importance of keeping costs manageable. With a flat fee of ₦100 for withdrawals and a minimal percentage for transactions within the N1 to N20,000 range, Moniepoint provides a cost-effective solution for businesses at various stages of growth.
How to Reduce Charges On Moniepoint POS and Save Money
Now that you know how to calculate charges on Moniepoint POS, you might be wondering how to reduce them and save money. Here are some tips and tricks that you can use to optimize your POS usage and increase your profits.
Tip 1: Set a Minimum Withdrawal Amount
One way to reduce your charges on Moniepoint POS is to set a minimum withdrawal amount for your customers. This way, you can avoid paying the 0.5% charge for small withdrawals, and pay the flat rate of N100 for larger withdrawals.
For example, if you set a minimum withdrawal amount of N10,000, you will pay N50 as a charge for each withdrawal, instead of paying N5 for a N1,000 withdrawal, or N25 for a N5,000 withdrawal. This will save you N45 or N20 per withdrawal, respectively.
To set a minimum withdrawal amount, you can display a sign or a notice at your POS location, or inform your customers verbally before they make a withdrawal.
Tip 2: Encourage Your Customers to Use Transfers
Another way to reduce your charges on Moniepoint POS is to encourage your customers to use transfers instead of withdrawals. Transfers have a lower charge of N20, compared to the 0.5% or N100 charge for withdrawals.
For example, if your customer wants to withdraw N50,000, you can suggest them to transfer the money to their own bank account, or to someone else's bank account, using your Moniepoint POS device. This way, you will pay N20 as a charge, instead of N100.
To encourage your customers to use transfers, you can offer them incentives, such as discounts, rewards, or freebies. You can also educate them about the benefits of transfers, such as convenience, security, and speed.
Tip 3: Negotiate With Moniepoint for Lower Charges
A third way to reduce your charges on Moniepoint POS is to negotiate with Moniepoint for lower charges. Moniepoint offers different commission structures for different agents, depending on their volume, location, and performance.
If you are a high-volume, loyal, and consistent agent, you might be able to negotiate with Moniepoint for lower charges, or higher commissions. You can contact Moniepoint's customer support or your account manager, and request for a review of your charges and commissions.
To negotiate with Moniepoint, you should prepare some data and evidence to support your case, such as your transaction history, your customer feedback, your market share, and your growth potential.
FAQs
What is Moniepoint POS?Moniepoint POS is a device that allows you to accept card and transfer payments for your business. Moniepoint POS is one of the most popular and reliable POS services in Nigeria, with over 100,000 agents and millions of transactions processed every month.How much does Moniepoint POS charge for withdrawals?Moniepoint POS charges differently for withdrawals depending on the amount. For withdrawals between N1 to N20,000, Moniepoint POS charges 0.5% of the transaction amount. For withdrawals above N20,000, Moniepoint POS charges a flat rate of N100.How much does Moniepoint POS charge for transfers?Moniepoint POS charges a flat rate of N20 for transfers, regardless of the amount.How Much Does Moniepoint Charge For 10,000?Moniepoint charges a flat rate of N100 for withdrawals above N20,000. So, for a withdrawal of N10,000, the charge will be N100. This is the same for any withdrawal amount between N1 and N20,000. For transfers, Moniepoint charges a flat rate of N20, regardless of the amount.How can I reduce charges on Moniepoint POS and save money?You can reduce charges on Moniepoint POS and save money by setting a minimum withdrawal amount, encouraging your customers to use transfers, and negotiating with Moniepoint for lower charges or higher commissions.How can I get a Moniepoint POS device?You can get a Moniepoint POS device by visiting their website or blog, and filling out an application form. You will need to provide some personal and business details, such as your name, phone number, email address, bank account number, business name, location, and type. You will also need to pay a one-time fee of N25,000 for the device.What is the transaction charge for withdrawals below N1,000? Moniepoint's transaction charges apply to withdrawals starting from N1, and the fee is based on the transaction amount. For withdrawals below N1,000, the 0.5% fee still applies.
Conclusion
Moniepoint POS is a great device that allows you to accept card and transfer payments for your business. However, you should also be aware of the charges that Moniepoint POS imposes on each transaction, and how to calculate them.
In this article, we explained how to calculate charges on Moniepoint POS, and shared some tips and tricks to help you reduce them and save money. By following these tips and tricks, you can optimize your POS usage and increase your profits. We hope you found this article helpful and informative. If you have any questions or feedback, please feel free to leave a comment below. And if you are interested in getting a Moniepoint POS device, you can visit their website or blog for more information.
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See names of 10 digital banks licensed by CBN to operate as MFBs, issue POS services
The Central Bank of Nigeria (CBN) says there are 10 licensed digital banks in Nigeria.
The apex bank said that digital banks are also allowed to provide microfinance banking in the country.
The banks operate primarily as apps without branches but are accorded the same rights as conventional banks
The banks are Sofri,
Mint, Piggyvest,
VFD, Moniepoint,
FairMoney, Carbon,
Kuda, Eyowo and
Sparkle.
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Moniepoint Incorporated Latest Recruitment In Nigeria 2023/2024
Moniepoint is a global business payments and banking platform and recently became QED Investors’ first investment in Africa. We are the partner of choice for over 600,000 businesses of all sizes, powering the dreams of SMBs and providing them with equal access to the tools they need to grow and scale.
Moniepoint Incorporated (formerly TeamApt Inc.) was founded with the vision to create a society…
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Apply and Get Your POS with just 20k Call now 07034773284 asake @moniepoint_terminals #moniepoint #pos (at Asokoro, Federal Capital Territory, Nigeria) https://www.instagram.com/p/ClWsf8nDZun/?igshid=NGJjMDIxMWI=
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Allah ya bada sa'a, ha taimaka ya kuma kara daukaka @realalinuhu Reposted from @realalinuhu BTS for @officialsadiqahmed for ALAQA the Web Series. Premiering on the 3rd DEC 2021 Featuring: @ramadanbooth @shamsu_daniya @aminusbono @auwalwest2021 @real_zeeyk @sayayasaddiq @a_way_man @@abba_zaky @dantabashir @abba_dorayi @realalinuhu @mapeeyah @k_fizeey @real_xubiey @sk_na_Allah @baballehayatu @aminubalamailalle @habibayaliyu @bilkisu_abdullahi @momee_gombe @faty_abubakar @real_faizah_abdullahi @real_hadizansaim2 @smalljezzy @abbazaky @teema_makamashi @bee_safana @mtfinisher @realummy_ @sadiqahmad @ib_arewa24 @mansoorsaddiq @hamza_dogo @official_hafsaidris20 Prod Manager : @hannafi_dn Props & Set : @yahaya_a_dorayi_ Sound : @sayayasaddiq @usaini_a_jigirya Make Up : @real_suji_makeup Costumiers : @don_kabeer1 @mustycostume Welfare : @nafiu_gwammaja BTS : @fahad_kala Light : @sadiqskiper Continuity : @musty_fashion DOP : @nazifikala @jimohfilms @ismaildaddy Publicity : @sheikh_isa_alolo Asst Directors : @yunusamuazu1 @asmuhammed Screenplay by @ibrahim_birniwa & Team Producers : @real_kherleeydo @a_way_man Publicity: @sheikh_isa_alolo Story and Directed by : @realalinuhu Sponsorship Partners : @pepsi_naija @moniepoint @gidanpacoutureabuja @ventofurniture #alaqa #webseries #fkdproduction #hypeman #fkdians #kannywood #nollywood #infotainment #pepsi #moniepoint (at Kano, Nigeria) https://www.instagram.com/p/CWt3TFpIWzz/?utm_medium=tumblr
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Coronavirus pandemic spawns Nigeria banking agent boom
Coronavirus pandemic spawns Nigeria banking agent boom
LAGOS (Reuters) – When Lagos imposed a lockdown last year, Nigerian civil servant Ruth Oladimeji saw a way to earn extra money. With people unable to visit banks due to the coronavirus pandemic, she became an agent providing local banking services.
Oladimeji signed up with Moniepoint, a mobile money platform on whose behalf she helps customers with services such as opening accounts and…
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CBN Orders Fintech Firms OPay, Palmpay, Kuda Bank, Moniepoint To Suspend Onboarding of New Customers
The Central Bank of Nigeria (CBN) has ordered four fintech companies to suspend the onboarding of new customers until further notice.
The affected fintech firms, namely OPay, Palmpay, Kuda Bank, and Moniepoint, have come under scrutiny due to allegations of their accounts being utilised for illicit foreign exchange transactions.
According to reports, representatives from two of the companies acknowledged that the CBN’s directive is connected to these allegations.
However, they expressed concerns that the directive might be misdirected, highlighting that the majority of the implicated accounts are held by commercial banks rather than fintech platforms.
Earlier, it was reported that the Economic and Financial Crimes Commission (EFCC) had obtained a court order to freeze at least 1,146 bank accounts owned by individuals and companies allegedly involved in illegal foreign exchange transactions.
Justice Emeka Nwite, in a ruling on the ex-parte motion presented by the anti-graft agency’s lawyer, Ekele Iheanacho, granted the commission’s request to conclude the investigation within 90 days.
Although the verdict was issued on April 24, its certified true copy was provided on Monday.
The EFCC is also investigating other offences, including money laundering and terrorism financing.
An examination of the list of affected accounts reveals that the majority are deposit money bank accounts.
The EFCC stated in its request for the account freeze that its preliminary investigation indicated the accounts were linked to individuals exploiting virtual cryptocurrency exchange platforms to manipulate the Naira’s value illegally and launder proceeds from unlawful activities.
It cited the necessity to preserve the funds in the identified accounts pending the investigation’s conclusion and potential prosecution.
Despite a court order citing most of the accounts involved in alleged illegal forex trading as commercial bank accounts, the banks have not been instructed to halt new customer onboarding.
Chioma Kalu
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Moniepoint restates commitment to financial inclusion in Nigeria
L-R: Representative of the EVC/CEO, Nigerian Communications Commission (NCC), Dr. Aminu Maida, Lagos Zonal Controller, Mr. Henry Ojiokpota; Chairman of NITRA, Mr. Chike Onwuegbuchi; PR Manager for MoniePoint Inc, Bemigho Awala; Head of Partnerships at Moniepoint Inc., Efemena Ogie at the NITRA Fintech Forum in Lagos.
Leading fintech in Nigeria, Moniepoint MFB, has restated its commitment to…
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Police arrest cops for extorting N29m from Abuja businessman
The Nigeria Police Force has confirmed the arrest of its officers who abducted a businessman in Abuja and extorted N29.9m from him in January.
The force spokesperson, Olumuyiwa Adejobi, confirmed the development on Tuesday through his X handle (@Princemoye1), while disclosing that the force had taken significant steps toward ensuring justice prevailed in the case.
He said, “We are making a headway on this matter, and justice will be served, as some suspects have been arrested. Hakuna matata.”
The businessman was reportedly abducted at one of his sites in Abuja by armed police officers who detained him until he transferred all the money in his bank account to them.
Subsequently, they insisted that he call his relatives and friends to keep sending money before he could be released.
In a video watched by Punch Online, a narrator had said, “I posted about the case of N29,900,000 police extortion in Abuja, Nigeria. Alright, I don’t know how to call it, whether it is police robbery, kidnapping or police extortion. But this is beyond extortion. This is criminal act and this is kidnapping and they collected from this young man is called ransom.
“All right, this young man was driving yesterday going to his site because he has a building project in Abuja here and he was stopped by some police officers who were dressed in black with Ak-47 seven rifle magazines and they took him away.
“So they took him round Abuja, took him round because some cases we have witnessed before before, that’s how they always operate. Took him to an unknown destination. Like he told me yesterday and at a point he was scared. Where were they taking him to?
“So they started checking his phone, they saw his account balance, they saw his wallet and everything, and they told him to send all the money in his account to an account number they provided, they gave him two account numbers. One is Access Bank and one is Moniepoint. The man transferred all the money he has in his account and now started calling his friends, who were sending him three million, one million.
“In Abuja currently, you have heard about kidnapping cases, robbery cases and nobody knows who are these people operating like this. Now this act of these police officers; how do you describe it? Is in the robbery? Is it kidnapping or is it professional or work like carried out by them? Remember, no complaint was made against this young man. No statement was taken.
“You only forced him to make your video like other cases will be handling for years, they will force you to make a video to for you to indict yourself that you are either a fraudster or you are involved in cultism, you are involved in ritual, or you are member of IPOB, these are the trends from the cases we have handled for the past 9 years. This has been the trend of these rogue police officers.”
In less than 24 hours, police operatives from the Federal Capital Territory command arrested a 20-year-old kidnap kingpin, Buhari Muhammad, and five others in a hotel in Abuja.
The suspects, who were arrested following intelligence on their activities were said to have kidnapped one Joshua Eze.
Eze who was abducted on January 27 was subsequently rescued unhurt by operatives of the command on January 28, 2024.
Announcing the arrest of the suspects in a statement on Monday, the FCT command’s spokesperson, SP Josephine Adeh, stated that one AK-47 and N350,000 were recovered from the suspects.
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NCC, Moniepoint, back NITRA FINTECH Forum
As the industry media body, the Nigeria Information Technology Reporters Association (NITRA), prepares for its stakeholders engagement event, the NITRA FINANCIAL TECHNOLOGY (FINTECH) FORUM 2023, Nigeria’s telecommunications regulator, the Nigerian Communications Commission (NCC) has thrown its weight behind the event.
The event, which is slated to hold on October 26, 2023 at CitiHeight Hotel,…
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Moniepoint POS is available Get Yours and Start Your Running Your Small Business #postengagement #pos #moniepoint #fintech #startupbusiness #workfromhome @moniepoint_terminal (at Asokoro, Federal Capital Territory, Nigeria) https://www.instagram.com/p/Ckzhs-foQSc/?igshid=NGJjMDIxMWI=
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