Grace Ashiru
Digital payment company Moniepoint is currently testing a new point-of-sale (PoS) system that integrates payment processing with inventory management. This development follows the company’s acquisition of Grocel in December 2023.
Since acquiring Grocel, a company specializing in inventory management solutions, Moniepoint has been incorporating its business management features into its PoS terminals.
Many businesses rely on multiple methods for bookkeeping and inventory tracking, a practice that comes with a significant drawback—vulnerability to theft.
Given that many physical stores already utilize PoS devices for card payments and money transfers, Moniepoint’s new integrated PoS aims to streamline business operations by combining transaction processing with record-keeping.
“It follows a similar roadmap to Square, [a U.S.-based payment company that provides retail management PoS devices], except that it is more rugged,” a Moniepoint executive explained, noting that even roadside vendors can use the device.
With over 800,000 PoS terminals in circulation and two million enterprise users, Moniepoint plans to leverage this competitive advantage during distribution. The company intends to market the new device before the end of March.
One of Moniepoint’s key competitors in this space is Mira, a startup that currently offers all-in-one PoS devices and terminals for retailers. “It’s exciting to see more startups entering the market, as this creates new opportunities,” said Mira’s CEO, Ted Oladele.
However, Oladele pointed out that fintech companies entering this sector might be constrained by their primary focus on payments. He noted that businesses have unique requirements, and established fintech startups may not have the appetite to develop tailored modules to address those specific needs.
Another fintech player, Nomba, introduced the Nomba MAX in 2023—a PoS device that integrates payment processing with inventory management, particularly for restaurants. This feature allows businesses to seamlessly link their transactions with payments.
Stripe, the parent company of Paystack, also provides advanced PoS solutions tailored for restaurants. These solutions go beyond standard payment processing, offering businesses the ability to track sales, automate reconciliation, manage both dine-in and online orders, and integrate with logistics services.
However, launching a new initiative comes with inherent risks, including market acceptance and the need to fine-tune the product to align with market demands. More critically, an all-in-one PoS must be capable of addressing the complex needs of diverse businesses, such as retail and food service.
On a broader scale, this initiative represents a strategic move to streamline business operations and enhance customer experiences. Additionally, it positions Moniepoint to boost payment processing volumes on its platform, ultimately driving revenue growth
