Moniepoint is among the leading Fintech companies in Nigeria. It offers financial services such as receiving and fund withdrawal, bill payment, airtime and data purchase, savings, and loan. Moniepoint also supports multiple currency-saving options.
Moniepoint CEO, Mr. Tosin Eniolorunda discovered the need for a simplified payment system through digital banking services and also the issues faced by millions of Nigerians in accessing bank services. He saw those opportunities and decided to bridge those gaps through technology.
The Moniepoint aggregator model streamlines the payment process for businesses and their customers, making it an attractive option for many Nigerian businesses looking to accept payments online. The Fintech company was established in 2019 and since then it has grown into a disruptive force in the Nigerian financial landscape. TeamApt is the brain behind the smooth running of this company.
The Moniepoint aggregator model works in the following way:
- Moniepoint partners with various payment providers such as banks, mobile money operators, and online payment platforms.
- Businesses sign up for the aggregator service and integrate Moniepoint’s payment gateway into their website or mobile app.
- Customers make payments using one of the payment options available, including card payments, bank transfers, and mobile money.
- Moniepoint collects the payment from the customer and transfers it to the business’ account, minus a small fee for the service.
- Businesses can monitor their transactions and receive reports of their sales activity through Moniepoint’s dashboard.
Who Is A Moniepoint Aggregator?
Let’s begin this way, for instance, aggregate in the money point world is like the conductor of an orchestra. Who is responsible for orchestrating symphonies of all the financial services? They are the ones who are responsible for the wider outreach of Moniepoint. They also bring together a team of serious and motivated agents who provide financial services to Moniepoint’s customers Nationwide.
An aggregator is also responsible for scouting for good agents that are willing to work hard, nurturing their skills, and guiding them toward the success of the business. Moniepoint Aggregators ensures that each agent meets up with the daily demand and target by ren ring financial services to customers far and wide.
Aggregators are simply the bridge between Moniepoint and the agents. They train, support, and source resources that will help Agents in the course of their business. Making it easier for Agents to navigate the ever-changing world of digital finance
As the main driving force of the Moniepoint company, an aggregator is a visionary person that holds several opportunities which are capable of leading his team to success.
If you are someone with high leadership qualities with the potential of leading a team to succeed despite the odds and desire to begin a career in the financial ecosystem, you should consider becoming a Moniepoint Aggregator as it will help you fulfill your life intent.
Who Is A Moniepoint Agent?
A Moniepoint agent is a person or business entity that is recruited by a Moniepoint Aggregator to offer financial services to Moniepoint customers. Services offered by agents include cash withdrawals, deposits, bills, Airtime and Data purchase, transfers, etc. Moniepoint agent serves as a bridge between Moniepoint and customers, helping them to access Moniepoint financial services easily and quickly, especially in those rural areas where traditional banking services are not readily accessible.
Once you become a Moniepoint agent you are now an extension of the Fintech company brands and its goal of promoting financial inclusion, especially in rural areas. You are already a one-stop solution for your customer’s financial needs.
As a Moniepoint agent, you are part of the nationwide network. You are expected to join forces with other agents to achieve the goals of the company which is extending the reach of digital financial services across the country. You play an important role in guiding individuals and business entities on how to secure and manage their finance using Moniepoint.
Moniepoint agents earn a commission on every transaction made by their customers using their POS machines. They also charge a minimal fee of N50 to N100 for withdrawing and money deposits depending on the location of the agents.
How to become a successful Moniepoint Aggregator
If you want to become a successful Moniepoint Aggregator, you will be required to provide the documents listed below.
- Legal Full Name: you are required to provide your full legal name as it appears in your BVN slip.
- Date of Birth: your date of birth is needed to verify your identity and age.
- State of Origin: The name of the state in Nigeria where you are from.
- BVN: very important, you will be required to provide your BVN for further verification.
- Valid Phone Number: Ensure that you provide a valid and reachable phone number for easy communication and account verification purposes.
- Utility Bill: A utility bill that is not more than 3 months is needed as it shows your name and proof of residence.
- Passport photograph: A recently snapped clean passport is needed
- NIN slip: Your NIN is needed for identity verification.
- Residential address: You are required to write down your current address for correspondence.
- Next of Kin Address: The name and address of your next of kin are needed as well as an emergency number.
How to register as Moniepoint Aggregator
To register as Moniepoint Aggregator follow the steps below:
- Go to any Moniepoint Aggregator office: locate any Aggregator office close to you or an authorized agent. Demand a Moniepoint form. Fill in all the necessary information accurately and hand it over to the agent.
- Pay the fee: Becoming Moniepoint Aggregator is not free of charge, it will cost you N20,000 for the money point terminal/POS device. This payment is for the POS machine that will enable you to render Moniepoint services to customers.
However, if doing the physical registration is cumbersome for you, alternatively, you can opt-in for the online registration which is more simple and less time-consuming. Go to any authorized agent and register through the Moniepoint mobile app.
How to register as a Moniepoint Aggregator Mobile app.
Here are steps to follow to register as a Moniepoint Aggregator and Agent using a Mobile app.
- Go to the play store or apple store to download the Moniepoint app
- Search for the app and click the download button.
- Launch the Moniepoint app on your device and sign up by filling in all the required information which includes your bio-data and contact information.
- Complete your registration by following the prompt, upload and submit all the required documents such as your identification details and proof of address.
Immediately after your registration is successful, Moniepoint customer service will reach out to you with further information on how to become a Moniepoint agent with the training, support, and access to the essential tools needed to offer Moniepoint financial services.
Note: Before hitting the submit button ensure that you have reviewed and provided accurate information if not your application won’t be approved.
How to Become a Moniepoint Agent
Becoming a Moniepoint agent is not a tedious task, to do that follow the simple steps below.
- Go to Moniepoint’s official website: click here to visit Moniepoint’s website https://moniepoint.com/.
- Fill out the registration form accurately: click on the registration form that is meant for the agent and fill out the form with your complete information accurately in the required fields. Your bio-data and contact information are mostly needed.
- Submit the Form: After reviewing the form to ensure that your information is correct, hit the submit icon on the web page.
- Confirm Email and Phone Number: check your email inbox and follow the instructions to confirm your email address. Same way ensure that your phone number is active.
- Wait for Response: once you have submitted your form successfully, and confirmed your email and phone number. Kindly wait for a response from Moniepoint. However it takes about 48 hrs for Moniepoint to reach out to you through an agent representative, they will give you further details, guidance, and requirements to proceed with the registration.
Benefits of Being a Moniepoint Aggregator and Agent.
If you are still doubting whether to become either a Moniepoint Aggregator or Agent, take a look at the benefits that you stand to gain once you get enrolled as an Aggregator or Agent.
- Additional Income: Being a Moniepoint aggregator and agent can be a lucrative source of additional income for individuals or businesses. As an aggregator, you earn a commission on every transaction made by your agents. As an agent, you earn a commission on every transaction made through your platform.
- Wide Range of Services: Moniepoint agents and aggregators have access to a wide range of financial services, including bill payments, airtime recharge, fund transfers, and cash withdrawals. This allows them to offer their customers a one-stop shop for their financial needs.
- Convenience: Moniepoint agents and aggregators can work from anywhere at any time. As long as they have internet access and a mobile phone or computer, they can carry out transactions for their customers. This makes it a very convenient business for those who want to work from home or have other commitments.
- Minimal Investment: Becoming a Moniepoint aggregator or agent requires minimal investment. All you need is a smartphone, internet connectivity, and some working capital to start your business.
- Support from Moniepoint: Moniepoint provides support to agents and aggregators to ensure that they have all the necessary resources to succeed in their business. This includes training, marketing materials, and technical support.
- Financial Inclusion: As an agent or aggregator, you can help promote financial inclusion by providing access to financial services to people in your community who may not have access to traditional banking services.
How much does Moniepoint charge for $5,000?
The charges for processing $5,000 through Moniepoint vary. We don’t have a specific charge for it as it all depends on some factors. However, we encourage you to check the official Moniepoint website or contact Moniepoint customer support. They are in the right position to give you the specific charge.
Which Bank owns Moniepoint POS?
Moniepoint POS is not owned by any traditional bank, rather it is owned by Nigeria Fintech giant TeamApt Limited. However, CBN also regulates its activities just like every other Fintech startup.
How much can I make as a Moniepoint agent?
You earn commission for every transaction on your POS machine and also you have the right to charge your customers service fee.
How long will it take my aggregator application to be reviewed?
It takes a minimum of 48hrs to get a response from Moniepoint concerning your aggregator application.
Is Moniepoint POS machine free of charge?
No, Moniepoint POS are not free of charge. Agent would pay to get them.
In summary, Becoming a Moniepoint Aggregator or agent can be a lucrative side hustle and convenient business opportunity yet demanding. You must prepare your mindset to accommodate the stress that comes with rendering service to people.