How To Calculate Moniepoint Charges? A Step-By-Step Guide
Perhaps you’re a Moniepoint agent or you’re just using a Moniepoint machine for your business and you want to know how to calculate their charges, well! No worries, we are here to guide you. As you may know, Moniepoint charges different fees for their services when you use their terminals to carry out financial transactions like data top-up, cash withdrawals, bill payment etc. but the question now is how to calculate these charges? And this is the focus of this article. Read on!
Moniepoint fintech company was established in 2015 by Tosin Eniolorunda and Felix Ike. Since it was launched in 2015 the company has continued to expand its financial services to the nukes and crannies of Nigeria. Currently, the company offers different financial services like bill payments, data top-up etc with different charges attached to it. The company has continued to improve in its services delivery hence millions of Nigerians are already using their services.
How To Calculate Moniepoint Charges
There is no general formula for calculating Moniepoint charges since different financial transactions have their own percentage charges. Because of that, we shall be taking each of the charges done at Moniepoint one after the other and show you how to calculate it. Let’s get started.
1. How To Calculate Moniepoint Withdrawal Charges
Since Moniepoint charges 0.5% when you withdraw between N1-N20,000. Calculation of the charges goes thus:
Let’s assume you want to withdraw N2,000 from Moniepoint, it will be 0.5/100 * 2,000 = 10.
This means if you withdraw N2,000 from Moniepoint, you’ll be charged a N10 commission. This is applicable when you withdraw between N1-N20,000 from Moniepoint.
But once you withdraw any amount above N20,000, Moniepoint charges a flat rate of N100.
2. How To Calculate Moniepoint Charges For 9mobile Data Top Up
Since Moniepoint charges 4.5% for 9mobile data top up.
To calculate the charges goes thus:
Let’s assume you want to top up your 9mobile data with N1,000, it will be 4.5/100 * 1,000 = 45.
This means that Moniepoint charges N45 commission when you top up your 9mobile data with N1,000 using their terminal.
3. How To Calculate Moniepoint Charges For Airtel And Glo Data Top Up
Moniepoint charges 4% for Airtel and Glo data top up.
Let’s assume you want to top up your Airtel & Glo data with N1,000. It will be 4/100 * 1000 = 40.
This means that Moniepoint charges N40 commission when you top up your Airtel & Glo data with N1,000 using their terminal.
4. How To Calculate Moniepoint Charges For MTN Data Top Up
Since Moniepoint charges 3% for MTN data top up.
The calculation goes thus:
Let’s assume you want to top up your MTN data with N1,000. It will be 3/100 * 1000 = 30.
This means that Moniepoint charges N30 commission when you top up your MTN data with N1,000 using their terminal.
5. How To Calculate Moniepoint Charges For PHCN Token, GOtv Subscription, DSTV Subscription, StarTimes Subscription
Since Moniepoint charges 2% for PHCN token, GOtv subscription, DSTV subscription,StarTimes subscription.
The calculation goes thus:
Let’s assume you want to subscribe your GOtv cable, DSTV cable,StarTimes cable or PHCN meter with N1,000. It will be 2/100 * 1,000 = 20.
This means that Moniepoint charges N20 commission when you subscribe your GOtv cable, DSTV cable, StarTimes cable or PHCN meter with N1,000 using their terminal.
6. How To Calculate Moniepoint Charges For Transfers
Fortunately, Moniepoint charges N20 commission flat rate for all kinds of transfers.
This means that if you transfer N1,000, N50,000, N500,000 etc with the Moniepoint terminal, you’ll only be charged a N20 commission.
Bottom Line
Calculating Moniepoint charges accurately is very vital to managing your finances effectively while utilizing the platform’s services. By following the step-by-step guide we outlined in this article, you can determine the applicable charges for various transaction types, which help you to ensure transparency and make an informed decision. However, it is very important to stay updated with the latest rates provided by Moniepoint to avoid any surprises and you can as well reach out to their customer support if you need further assistance. With this knowledge, we believe that you can confidently utilize Moniepoint’s digital financial services while conscious of the charges involved.
