Moniepoint, a fintech company, is testing an innovative point-of-sale (POS) terminal that integrates payment processing, inventory management, and transaction reconciliation.
all-in-one solution aims to revolutionize the way businesses manage their operations, eliminating the need for separate methods or technologies for bookkeeping and inventory management.
The new POS terminal is a result of Moniepoint’s acquisition of Grocel, a fintech company specializing in inventory management solutions. By retaining Grocel’s team, Moniepoint has been able to integrate business management capabilities into its POS terminals, creating a comprehensive solution for enterprises of all sizes.
Moniepoint’s POS terminal is designed to be rugged and adaptable, making it suitable for businesses ranging from roadside vendors to large retail establishments.
With over 800,000 POS terminals already in circulation and 2 million enterprise users, Moniepoint plans to market the new device to its existing customer base before the end of the quarter.
While some experts, like Mira CEO Ted Oladele, suggest that fintechs entering the space may face challenges due to their focus on payments, Moniepoint’s comprehensive solution is poised to address the unique needs of businesses across various industries.
By empowering businesses to streamline operations and enhance customer experiences, Moniepoint can increase payment processing volume on its platforms, translating to increased revenue through transaction fees.
