How To Calculate Moniepoint POS Charges
Posted in: POS Charges

How To Calculate Moniepoint POS Charges: A Step-By-Step Guide

How to calculate Moniepoint POS charges is a pressing question that we will be addressing in this article.

Perhaps you’re a Moniepoint agent or you’re just using a Moniepoint POS machine for your business and you want to know how to calculate their charges. 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-ups, cash withdrawals, bill payments, etc., but the question now is how to calculate these charges. And this is the focus of this article. Read on!

Tosin Eniolorunda and Felix Ike founded Moniepoint Fintech Company. 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-ups, etc., with different charges attached to them. The company has continued to improve in its service delivery; hence, millions of Nigerians are already using their services.

How To Calculate Moniepoint Charges

How To Calculate Moniepoint POS 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 showing you how to calculate them. Let’s get started.

1. How To Calculate Moniepoint Withdrawal Charges

Since Moniepoint charges 0.5% when you withdraw between ₦1 and ₦20,000,. The 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 ₦2,000 from Moniepoint, you’ll be charged a N10 commission. This is applicable when you withdraw between ₦1 and ₦20,000 from Moniepoint.

But once you withdraw any amount above ₦20,000, Moniepoint charges a flat rate of ₦100.

2. How To Calculate Moniepoint Charges For 9Mobile Data Top Up

Since Moniepoint charges 4.5% for a 9Mobile data top-up,. 

To calculate the charges, go as follows:

Let’s assume you want to top up your 9Mobile data with ₦1,000; it will be 4.5/100 * 1,000 = 45.

This means that Moniepoint charges a ₦45 commission when you top up your 9Mobile data with ₦1,000  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-ups.

Let’s assume you want to top up your Airtel & Glo data with ₦1,000. It will be 4/100 * 1000 = 40.

This means that Moniepoint charges a ₦40 commission when you top up your Airtel & Glo data with ₦1,000  using their terminal.

4.  How To Calculate Moniepoint Charges For MTNData Top Up

Since Moniepoint charges 3% for MTN data top-ups,.

The calculation goes thus:

Let’s assume you want to top up your MTN data with ₦1,000. It will be 3/100 * 1000 = 30.

This means that Moniepoint charges ₦30 commission when you top up your MTN data with ₦1,000  using their terminal.

5. How To Calculate Moniepoint Charges For PHCN Token, GOtv Subscription, DSTV Subscription, and StarTimes Subscription

Since Moniepoint charges 2% for the PHCN token, GOtv subscription, DSTV subscription, and StarTimes subscription,.

The calculation goes thus:

Let’s assume you want to subscribe to your GOtv cable, DSTV cable,  StarTimes cable, or  PHCN meter for ₦1,000. It will be 2/100 * 1,000 = 20. 

This means that Moniepoint charges ₦20 commission when you subscribe to your GOtv cable, DSTV  cable, StarTimes cable, or  PHCN meter with ₦1,000  using their terminal.

6. How To Calculate Moniepoint Charges For Transfers

Fortunately, Moniepoint charges a ₦20 commission flat rate for all kinds of transfers.

This means that if you transfer ₦1,000, ₦50,000, ₦500,000, etc. with the Moniepoint terminal, you’ll only be charged a ₦20 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 helps you 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 also reach out to their customer support if you need further assistance.

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