A point-of-sale (POS) terminal that integrates transaction reconciliation, inventory control, and payment processing is being tested by Moniepoint.
The product is the outcome of Grocel, a fintech company that specialises in inventory management systems, being acquired by Moniepoint in December 2023. Grocel’s staff, which has been tasked with incorporating business management features into Moniepoint’s point-of-sale terminals, was retained by Moniepoint as a result of the acquisition. POS terminals are frequently used in physical establishments for money transfers and card payments.
However, the goal of Moniepoint’s new point-of-sale system is to replace the current method by managing the whole range of business activities for businesses of all sizes. Businesses currently handle inventory and bookkeeping using different technologies or methodologies, which makes an analogue nightmare that is prone to theft and mistakes.
A Moniepoint executive who wished to remain anonymous spoke to BrandSpur banking and finance news desk about a project that was still in the development stage.
According to the source: “It is pretty much like the roadmap of Square,[ a payment company in the U.S. that provides retail management POS devices].”
The individual added that roadside merchants can use the device and that the only difference is that it is “more rugged.”
In a market where startups like Mira already offer retailers all-in-one point-of-sale devices and terminals, Moniepoint will exploit distribution as a competitive advantage. Before the end of the quarter, the fintech unicorn will promote the new device to its 2 million enterprise users and more than 800,000 POS terminals now in operation. New product line success isn’t always assured, even with a billion-dollar valuation.
According to Ted Oladele, CEO of Mira, fintechs’ entry into the market may be constrained by their emphasis on payments. He said: “Businesses have peculiarities and established fintech startups may not have the appetite to build individual modules to meet unique business needs.”
Continuing, all-in-one point-of-sale (POS) systems need to be flexible enough to meet the many demands of intricate businesses, particularly in sectors like retail and food service where every company has different requirements. For instance, many companies need kitchen display systems (KDS) for a centralised overview of orders, tables, and operations, even though handheld point-of-sale (POS) terminals are convenient for tableside ordering in restaurants. The effort needed to satisfy these particular needs could divert an established fintech’s focus from its core operations.
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He went on to say: “It’s exciting to see more startups entering the market, as this creates new opportunities.”
An all-in-one solution for business users is not a novel concept. Nomba MAX, a point-of-sale device that combines inventory management and payment processing for restaurants—features that allow them to link their transactions to payments directly—was introduced in 2023 by fintech firm Nomba.
Additionally, there are international examples: Paystack’s parent company, Stripe, offers restaurants point-of-sale (POS) solutions that go beyond simple payment processing. Businesses may manage online and dine-in orders, automate reconciliation, record sales, interact with logistics firms, and more using these solutions.
Adapting point-of-sale hardware to particular business requirements is an effective retention tactic. It draws in new users who were previously underserved by current solutions and provides enterprise clients with strong incentives to stick with a fintech company.
However, Moniepoint can enhance the number of payments processed on their systems, which results in higher income through transaction fees, by enabling businesses to expand their operations and improve consumer experiences.
