Moniepoint Review

Moniepoint is a Nigerian business banking and payments group, founded in 2015 as TeamApt and renamed Moniepoint in January 2023. A merchant opens a free business account with Moniepoint Microfinance Bank, which the Central Bank of Nigeria (CBN) licenses. It can then order a card terminal that also accepts bank transfers. Its sister company TeamApt Limited holds a CBN switching and processing licence and runs Monnify, the group's online payment gateway. As of November 2026 Moniepoint's own pages show a POS payment fee of about 0.5%, charged in ₦1,000 bands and capped at ₦100, plus 7.5% VAT, and a one-off ₦21,500 charge to get a terminal. Monnify charges 1.5% capped at ₦2,000 for local cards, USSD and bank transfers, and 4% for international cards, all excluding VAT. POS payments land in the merchant's Moniepoint account immediately, and Monnify settles the same day by 10pm. Moniepoint calls itself Nigeria's largest merchant acquirer and says it handles 8 in every 10 in-person payments in the country. Its business app has 4.6 stars on Google Play from about 272,000 ratings. However, Trustpilot reviews are split between five stars and one star, mostly over stuck transfers and blocked accounts. In April 2024 Moniepoint was one of several fintechs that paused new account opening for about five weeks after a CBN directive, according to TechCabal and Nairametrics.

Estimated annual cost at three realistic processing volumes, using Moniepoint’s published online rate plus monthly fees. Real costs vary with average transaction size, chargeback rate, and any negotiated terms.

What Moniepoint is

Moniepoint was founded in 2015 by Tosin Eniolorunda and Felix Ike as TeamApt. The Nigerian operating company, TeamApt Limited, was registered in April 2015; a holding company, TeamApt Inc., was created in 2020 and renamed Moniepoint Inc. in January 2023, after Moniepoint, its best-known product. It began by building payment software for Nigerian banks and in 2019 launched Moniepoint, an agency banking network on POS terminals, and Monnify. Today it is a business bank with a payments arm. Moniepoint Microfinance Bank Limited is CBN-licensed, holds the merchant's account and provides banking services. TeamApt Limited, a sister subsidiary, is on the CBN's list of licensed switching and processing companies and runs Monnify, the online gateway. In its 2025 year in review, Moniepoint said TeamApt had been certified as a processor and acquirer by Mastercard and Visa, and that the bank had obtained a national microfinance bank licence; the CBN announced that upgrade in January 2026. When it renamed itself in January 2023 the group said it would move its headquarters to London, while the bank and its operations stay in Lagos. Its Nigerian site gives a Lekki Phase 1, Lagos address, and its global site lists addresses in London, Wilmington, Delaware and Victoria Island, Lagos.

This review covers Moniepoint's merchant services in Nigeria. Moniepoint completed a 78% stake in Kenya's Sumac Microfinance Bank in March 2026, according to TechCabal, but we found no Moniepoint merchant offering in Kenya yet. Investors are not owners. Moniepoint's October 2025 Series C raised over US$200 million, led by Development Partners International's ADP III fund with significant participation from LeapFrog Investments, and Lightrock, Google's Africa Investment Fund, Visa, the IFC and others took part. These are minority investors, and Moniepoint Inc. remains the parent of both operating companies.

Scale

All figures here are Moniepoint's own. Its about page says it processes $250 billion a year across more than 14 billion transactions, holds more than 20 million bank accounts for businesses and individuals, and sees 100 million unique card users on its terminals each year. In its 2025 year in review it says it has over 6 million active businesses. It also says Moniepoint MFB processed ₦412 trillion in 2025 and that it powers 8 in every 10 in-person payments in Nigeria. Monnify processed ₦25 trillion in the same year. These figures have not been independently audited in anything we read, but they are consistent with Moniepoint's description of itself as Nigeria's largest merchant acquirer.

What it costs

• POS payments: 0.5% of the amount under ₦3,000; above that, a fee in ₦5 steps per ₦1,000 band, from ₦20 at ₦3,001 to ₦4,000, capped at ₦100 from ₦19,001. Prices from Moniepoint's POS rewards page, as of November 2026.
• VAT: the help centre says 7.5% VAT applies to POS transaction fees and the POS issuance fee, and is shown separately on receipts and statements. Moniepoint says this is a tax, not a price increase, and that its charges are the same as in 2025.
• Terminal: ₦21,500 one-off, made up of a ₦10,000 caution fee, a ₦10,000 logistics fee and ₦1,500 insurance for one year.
• Business account: no fee to open or maintain. SMS alerts cost ₦6 each, billed at the start of the next month, and can be turned off.
• Stamp duty: a statutory ₦50 on transfers of ₦10,000 or more, paid by the sender. It replaced the old Electronic Money Transfer Levy.
• Monnify (online): 1.5% capped at ₦2,000 for local cards, USSD and bank transfers; 4% for international cards and cash collection; payouts ₦10, ₦20 or ₦40 depending on the amount. All excluding VAT, with no setup or monthly fee.
• Cashback for POS owners: none below ₦700,000 of weekly POS transactions; 8% of the fee back from ₦700,000; 12% from ₦2.5 million. The tier resets weekly and the cashback goes to a POS promo balance.

The POS fee is low in absolute terms. Above ₦3,000 it works out to 0.5% of the top of each ₦1,000 band, so a ₦3,001 sale pays ₦20, about 0.67%. A ₦2,000 sale costs ₦10 plus 75 kobo VAT. A ₦50,000 sale costs ₦107.50 including VAT, about 0.2%, because the cap applies from ₦19,001. A business with mostly large tickets pays a much lower effective rate than one with many small sales. Cashback trims the fee by up to 12% for busy merchants, but it is paid as a promotion and Moniepoint can change it. Moniepoint did not publish an interbank transfer fee, a chargeback fee or a foreign-card POS rate on the pages we read, so ask for these before relying on the terminal.

How it works

You open a business account in the Moniepoint app, which Moniepoint says takes under ten minutes, then request a terminal from the POS menu and fund the account with ₦21,500. A Relationship Manager is assigned at once, delivers the terminal within 48 hours and shows you how to use it. The terminal takes card payments and bank transfers. For a transfer, the customer sends money to an account number linked to the terminal, and the merchant accepts or declines the request; a declined transfer goes back to the sender. Card and transfer receipts print on the device. Moniebook, Moniepoint's sales, inventory and bookkeeping software, connects to the terminal for end-of-day reconciliation. Online, businesses integrate Monnify for virtual-account transfers, cards, USSD and direct debit, with payouts and identity checks through the same API.

Payouts, failed payments and account holds

POS payments settle instantly into the Moniepoint business account, so there is no separate payout to a bank. Monnify settles online payments the same day by 10pm, and merchants can pull up to three Express Settlements a day. When a card payment fails but the customer is debited, the help centre says to log it for reversal if the response code is eligible. The customer then gets a reversal within 24 to 48 working hours if Moniepoint receives settlement for the transaction; otherwise they must fill a dispense-error form at their own bank. If a fraudulent transaction is traced to a POS account, the help centre says a lien may be placed on the account during the investigation. The account terms give the bank a right of set-off across accounts and let it close, suspend, freeze or limit an account on seven days' written notice for reasons including suspected fraud or a breach of the terms, and to act without notice where it believes immediate action is needed to prevent fraud or financial crime.

Contract terms

Moniepoint publishes no minimum term. The general account terms (last updated 1 September 2026) let you close your account for any reason, at any time, at no cost, on 30 days' written notice, provided you have repaid what you owe. In practice the app closes an account once its balance is under ₦10. The terms are governed by Nigerian law. Disputes go to negotiation, then after ten days to mediation at the Lagos Multi-Door Courthouse. To use the terminal you must also accept separate POS terms on the dashboard, which we could not read without an account. The terminal's caution fee is the main gap. Moniepoint's page says it is part of the ₦21,500 but not when it is returned. We found no refund terms on Moniepoint's site or help centre, so get them in writing.

Reputation and regulatory record

As of 4 November 2026 the Moniepoint Business Banking app has 4.6 stars on Google Play from about 272,000 ratings and more than 10 million downloads. Trustpilot is much less flattering but has only 66 reviews: a TrustScore of 3.0, with 39% five-star and 38% one-star. Moniepoint has claimed the profile but has not replied to negative reviews. The complaints describe transfers stuck for days, hard-to-reach support, accounts blocked without explanation, and fraud on POS terminals. The praise is for reliable payments, easy business onboarding and cashback.

On 29 April 2024 TechCabal reported that Kuda, Moniepoint, OPay and Palmpay had paused new account opening following a CBN directive, and that it could not open new accounts on the affected apps; an executive at one of the firms linked the pause to an audit of their KYC processes. Nairametrics reported on 3 June 2024 that the CBN had lifted the restriction on OPay, Moniepoint, Kuda, Palmpay and Paga about five weeks later. The CBN issued no public statement on either step, and existing customers' deposits and banking were not affected. Separately, in September 2024 the FCT High Court found that Moniepoint MFB had breached a customer's rights by restricting his accounts on a void court order (see legal actions).

Who should use Moniepoint

Moniepoint suits Nigerian businesses that take most of their money face to face: retailers, supermarkets, restaurants, pharmacies and POS agents. For them, instant settlement into a business account, a capped per-payment fee and a terminal that also takes transfers matter more than anything else. It also suits a business that wants its banking, terminal, bookkeeping and online collections from one group. It is a weaker fit if you need published chargeback and deposit terms before signing, or rely on quick, documented answers when a transfer goes astray. Before paying the ₦21,500, ask your Relationship Manager in writing when the caution fee is refunded. Also check what the POS terms say about chargebacks and account liens.