As a Moniepoint agent, one of the most important things to understand in your POS terminal is how the transaction charges are being calculated. Because, it will give you more clue on how you can charge your customers per financial services you renders.
In this article, we will explain how Moniepoint POS transaction charges are calculated and the mathematical equation for examples.
Moniepoint POS Charges
For customers’ debit card withdrawals, Moniepoint charges a flat rate of 0.5% between N1 and N20,000, and a flat rate of N100 for transactions above N20,000.
For customers’ cash transfers to other banks, Moniepoint charges a flat rate of N20. For the purchases of data and airtime on the POS terminal, Moniepoint charges 2% for all networks.
Bill payments incur for no charges on the Moniepoint POS terminal. So, agent can charge customers what they want. Meanwhile, note that Cashbacks and Bonuses come with offers including BOs cashback of up to N20 on withdrawals and N5 on transfers.
Lastly, Moniepoint also has a maximum single withdrawal limit of N500,000 and a maximum single deposit limit of N300,000.
Calculating Moniepoint POS Charges
Now, let’s calculate how much Moniepoint will charge agents per customer N5000 withdrawal and transfer and also how it’d charge per N10000. This is just an example which you can implement to calculate other amounts of charges on Moniepoint POS.
How does Moniepoint Charge for N5000?
To calculate Moniepoint’s charges for a N5,000 withdrawal, simply put 0.5% charge for withdrawals between N1 and N20,000 and use it to calculate for N5000.
Calculation
Here are the calculations:
\( \text{Charge} = 0.5\% \times 5000 \)
\( \text{Charge} = \frac{0.5}{100} \times 5000 = 25 \)
So, Moniepoint charges N25 for a N5,000 withdrawal. For N5,000 transfer, the charge for any transfer amount is a flat N20, regardless of the transfer amount. So, we can calculate that Moniepoint charges N20 for a N5,000 transfer.
How much does Moniepoint charges for N10000?
Using the calculation metrics or formulas above, Moniepoint will charge N50 for a withdrawal of N10,000 and N20 for a fund transfer worth N10000. Therefore, the total cost for withdrawing and transferring N10,000 would be N70 (N50 for the withdrawal and N20 for the transfer).
How much does Moniepoint Charge for Deposit?
Moniepoint charges a flat fee of ₦20 for deposit (i.e., for any transfer made into the POS account) from any bank in Nigeria. Additionally, due to the government’s introduction of a ₦50 Electronic Money Transfer Levy (EMTL), deposits of ₦10,000 or more may include an extra ₦50 charge, making N70 charges for deposit above N10,000.
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