Moniepoint and OPAY offer various types of POS machines to agents and merchants in Nigeria, each with their advantages and disadvantages. However, we are not going to be mentioning their disadvantages based on their types but as general views.
Moniepoint and OPAY POS are the dominants of the agency banking market in Nigeria. So, people easily compare them to each other to decide on which is better especially when an individual is about to start a POS business in Nigeria.
Meanwhile, both Moniepoint and OPAY have undoubtedly transformed how Nigerians transact, but understanding their limitations is important for making economical or financial decisions, especially for business owners who depend on seamless transactions to build trust with their customers.
Therefore, we will discuss from technical glitches and network issues to security concerns, cost of acquisition and high transaction fees in this article, providing you a balanced perspective which will let you make informed decision on whether either of the POS solutions meet your needs or whether alternatives might be more suitable.
Disadvantages of Moniepoint POS
One of the major challenges on Moniepoint POS is that its agents are finding it difficult to sell data on the terminal. Some agents don't offer data services at all while some will take extra steps to login to their Moniepoint business banking app to buy data for their customers.
Furthermore, comparing Moniepoint POS to some other POS terminals in Nigeria e.g., Flutterwave POS, Moniepoint lacks some certain features including advanced inventory management, multi-currency support, offline transaction capability, contactless payment options, biometrics authentication, among others.
Disadvantages of OPAY POS
The OPay POS machine cost N45,000 on available. Although the terminals are being offered on outright sales which means no target is needed to be met on everyday transactions. However, the cost of acquisition is one of the major disadvantages to OPay POS because when compared the POS price to other POS like Moniepoint, it’s x2 costly.
Another limitation you should take note about OPay POS terminal is slow customer service responses. For many agents that log disputes, it might take days to get a resolution to their complaints. Unlike other agency banking networks that have swift customer care services in place to cater for their agent’s disputes and complaints.
Comparison of Moniepoint POS and OPAY POS
I know that you next question will be “which one should I get between OPAY POS Machine and Moniepoint POS Machine?”
Well, like I earlier stated, both POS machines are the dominants in the Nigerian agency banking landscape and they’ve been doing well so far. But one must be better than another right?
Depending on your business needs and wants, you either choose OPay or Moniepoint. Here’s the comparison between Moniepoint POS and OPay POS terminals.
| Factors to Compare | Moniepoint POS | OPay POS |
|---|---|---|
| Network Reliability | 99% uptime; highly reliable with minimal transaction declines. | Reliable but less consistent compared to Moniepoint. |
| Cost of Acquisition | ₦21,500 (includes caution fee, logistics, and one-year insurance). | ₦45,000 outright; optional caution fee available with daily transaction targets. |
| Transaction Charges | 0.5% capped at ₦100 for withdrawals and transfers. Discounts for high-volume agents. | 0.5% capped at ₦100 for withdrawals and transfers. Discounts for high-volume agents. |
| Customer Support | 24/7 support, dedicated WhatsApp groups, quick issue resolution, and state-level agent representation. | Slower response times; lacks dedicated WhatsApp groups and structured customer support. |
| Durability | More durable, especially for high-volume use. | SmartPOS models are durable, but other models are less robust than Moniepoint POS. |
| Ease of Reconciliation | Less user-friendly for beginners; transaction logs and summaries are more technical. | Easier for beginners to reconcile transactions via the POS terminal and business app. |
| Features | Supports all transaction types (withdrawals, transfers, bill payments, deposits, and disputes logged on POS). | Similar features, but analog models don’t support bill payments and consume more printing paper. |
| Agency Network | Extensive network with a microfinance bank license for additional financial services. | Smaller agency network, without the added financial services provided by Moniepoint. |
| Printing Paper Consumption | Lower paper consumption, making it cost-effective for agents. | Higher paper consumption compared to Moniepoint POS. |
| General Reliability | Rated 4.5/5 for overall reliability. | Rated 4.2/5 for overall reliability. |
In a nutshell, Moniepoint POS terminals are more cost-effective, reliable, and agent-friendly, with 24/7 hand-on-desk customer support and durability. However, OPAY POS terminals are more beginner-friendly and easier to reconcile but falls short in reliability and support.
