Nigeria’s PoS terminals already handle billions of cash transactions every quarter, but one fintech wants to find out if they can sell stocks.
Moniepoint has connected its network of over one million agent terminals to the ₦2.15 trillion Dangote Refinery public offer as an approved subscription channel. The minimum purchase is ₦5,250 for 10 shares, and subscribers do not need a brokerage account or an investment app.
The experiment is live, and its outcome could shape whether PoS terminals evolve from cash machines into stock distribution tools.
Dangote’s ₦2.15 trillion IPO arrives at Moniepoint agent shops
Dangote Petroleum Refinery is offering 4.1 billion shares at ₦525 each in a public offer targeting ₦2.15 trillion if fully subscribed.
The offer opened September 14 and is scheduled to close on October 13, with subscriptions running through 55 approved electronic channels, the prospectus confirmed.
The share sale aims to attract 10 million retail investors, roughly four times Nigeria’s current base of 2.7 million active stock market participants.
NGX Group expanded access further by launching a WhatsApp subscription channel for public offers through its NGX Invest platform earlier this month, the exchange confirmed.
More on the Dangote IPO:
- How to buy Dangote IPO shares: All you need to know
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- NGX Group turns WhatsApp into a public offer gateway
Moniepoint is not acting as the stockbroker in this arrangement; Vetiva, a Pan-African financial services firm, serves as the sponsor broker.
The company has integrated with Chapel Hill and Renaissance Capital for settlement and obtained regulatory consent for the channel, TechCabal reported.
Fintechs including Moniepoint are processing the Dangote IPO at zero cost to subscribers, but PoS agents still charge their usual commissions.
Those agent fees typically range between ₦100 and ₦200 per transaction, adding a cost layer for customers purchasing just the minimum allotment of shares.
The move places Moniepoint among African fintechs increasingly exploring capital markets, a trend underscored by Airtel Money’s planned listing on the London Stock Exchange.
Nigeria’s PoS network processes billions more transactions than investment apps
Nigeria operates 5.9 million active PoS terminals that processed 2.92 billion transactions in the first three months of 2026, the Central Bank of Nigeria confirmed.
That volume translates to roughly 32.4 million daily transactions, meaning PoS terminals reach more Nigerians each day than any investment application.
PoS terminals recorded 15.66 billion transactions across all of 2025, making them the country’s second-most-used payment channel behind internet transfers, the CBN reported.
The country has roughly one terminal for every 41 of its 242 million people, giving financial products enormous physical reach on the ground.
Daniel Ojinaka, Product Lead at Consolidated DirectDebit under Moniepoint subsidiary TeamApt, told TechCabal the company’s mission stretches well beyond payment processing alone.
“The financial inclusion game that we are playing is not just to solve payments alone. We want to solve any other aspect of the financial space for everyone and to include everyone.” — Daniel Ojinaka, Product Lead, Consolidated DirectDebit, TeamApt (Moniepoint subsidiary)
Ojinaka said the PoS subscription channel is growing faster than the mobile channel since the Dangote offer launched on terminals, TechCabal reported.
The company had tested tax payments, lending products, and offline bill payments through agent terminals before adding stock subscriptions to the roster.
Subscribing through a PoS terminal is capped at ₦100,000 per person, limiting the channel to small-ticket investments and adding a compliance safeguard.
The broader financial landscape is also shifting, with recent rate adjustments pushing bank deposits to a seven-month high and expanding formal participation beyond cash.
Moniepoint’s Dangote experiment could reshape how Nigerians buy stocks
The investment feature on Moniepoint terminals is limited to the Dangote IPO, but the company has signaled far broader ambitions for the network.
Ojinaka said the long-term goal is to connect Moniepoint’s terminals directly with the Nigerian Exchange and let users purchase listed stocks on demand.
The scale of retail demand surprised even established fintech platforms, several of which experienced outages when the offering opened on September 14.
Temi Popoola, Group Managing Director and CEO of NGX Group, said investor traffic overwhelmed several digital platforms on the first day, Reuters reported.
Richmond Bassey, CEO of investment platform Bamboo, said the IPO revealed retail investor demand that would otherwise have stayed hidden, Nairametrics reported.
The broader question now is whether that demand survives once the Dangote offer window closes and no comparable listing follows in the near term.
Moniepoint has spent years building the offline infrastructure for this through its Monify product, which processes tax and bill payments at agent locations.
The Dangote IPO gave the fintech both the subscriber scale and regulatory opening to deploy investment products through the same physical terminals.
Other West African fintechs are expanding into adjacent services similarly, with Chipper Cash recently tapping Ghana’s first virtual accounts bank to broaden access.
Key details about Moniepoint’s PoS investment channel
- Minimum subscription: 10 shares at ₦525 each, totaling ₦5,250, the Dangote prospectus confirmed.
- Maximum per PoS transaction: ₦100,000 per subscriber, to limit compliance risk, TechCabal reported.
- Agent fees: ₦100 to ₦200 per transaction, charged by agents, not by Moniepoint, TechCabal reported.
- Sponsor broker: Vetiva handles brokerage; Chapel Hill and Renaissance Capital handle settlement, TechCabal reported.
- Offer period: September 14 to October 13, 2026, the Dangote prospectus confirmed.
- Terminal reach: Over one million devices spanning all 774 local government areas, Moniepoint confirmed.
