Moniepoint, a fintech unicorn, is testing an innovative all-in-one point-of-sale (POS) terminal that combines payment processing, inventory management, and transaction reconciliation. This new product is a result of Moniepoint's acquisition of Grocel, a fintech company specializing in inventory management solutions, in December 2023. The acquisition allowed Moniepoint to retain Grocel's team, which has been working on integrating business management capabilities into Moniepoint's POS terminals.

The new POS terminal aims to manage the entire gamut of business processes for enterprises of all sizes, replacing the existing approach where businesses use separate methods or technologies for bookkeeping and inventory management. This can create a theft and error-prone analogue nightmare. According to a Moniepoint executive, the new POS terminal is similar to Square's retail management POS devices, but "more rugged" and suitable for roadside vendors.

Moniepoint plans to use its distribution network as a competitive advantage in the market. With over 800,000 POS terminals in circulation and 2 million enterprise users, the company will market the new device to its existing customers before the end of the quarter. However, despite its billion-dollar valuation, success in new product lines is not guaranteed. The CEO of Mira, Ted Oladele, suggests that fintechs entering the space might be limited by their focus on payments, and may not have the appetite to build individual modules to meet unique business needs.

Oladele also emphasized the importance of adaptability in all-in-one POS solutions, particularly in industries like retail and food service, where each business has peculiar needs. For instance, handheld POS terminals offer convenience for tableside ordering in restaurants, but many establishments also require kitchen display systems (KDS) for a centralized overview of orders, tables, and operations. Established fintech companies may find it challenging to meet these unique needs, which could be a distraction from their main business.

Despite these challenges, the idea of an all-in-one solution for enterprise users is not new. In 2023, fintech startup Nomba launched Nomba MAX, a POS device that combined payment processing with inventory management for restaurants. Global examples include Stripe, the parent company of Paystack, which provides restaurants with POS solutions that go beyond basic payment processing. These solutions enable businesses to document sales, automate reconciliation, manage both dine-in and online orders, integrate with logistics companies, and more.

Customizing point-of-sale hardware to meet specific business needs can be a powerful retention strategy. It gives enterprise customers compelling reasons to stay with a fintech company and attracts new users who were previously underserved by existing solutions. By empowering businesses to grow their operations and enhance customer experiences, Moniepoint can increase payment processing volume on its platforms, translating to increased revenue through transaction fees.

The entry of more startups into the market creates new opportunities, as Oladele noted. As the fintech landscape continues to evolve, it will be interesting to see how companies like Moniepoint and Mira innovate and adapt to meet the diverse needs of businesses.