Moniepoint uses PoS terminals to help people buy Dangote Refinery shares

Moniepoint is currently testing a new method to distribute shares for the ₦2.15 trillion ($1.62 billion) Dangote Refinery initial public offering. Utilizing its network of over one million Point of Sale (PoS) terminals across all 774 local government areas in Nigeria, the fintech aims to allow individuals to purchase stock directly through agent locations. Customers can participate by providing their Bank Verification Number (BVN) even if they lack a formal Moniepoint account, bypassing the traditional need for dedicated investment applications or brokers.

This shift transforms standard payment hardware into a significant investment tool, targeting a retail investor base of 10 million people. Such an evolution in financial technology may necessitate changes in how companies manage invoicing, tax reporting, and transaction documentation. As these terminals take on broader financial roles, businesses must monitor evolving regulatory and compliance obligations to ensure they meet the requirements of this expanding service model.