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| Photo credit — Moniepoint POS |
This is the story of a terminal that wants to be more than a cash-collection machine.
Nigeria has approximately 5.9 million active Point of Sale (PoS) terminals. Since the 2023 cash crisis they have become central to how Nigerians access cash, make payments and keep businesses running.
What if the same terminal that moves money could also help people invest it? That is the experiment Moniepoint is running with Dangote Petroleum Refinery and Petrochemicals’ ₦2.15 trillion ($1.62 billion) initial public offering.
The fintech, which operates more than one million PoS terminals across all 774 local government areas, is enabling Nigerians to subscribe for Dangote shares at agent locations. Customers can provide a Bank Verification Number (BVN) if they do not already have a Moniepoint account and complete the purchase without an investment app or a traditional broker.
This is Nigeria’s largest IPO, aiming to reach as many as 10 million retail investors. The Nigerian Exchange Group has also expanded access via a WhatsApp channel on its NGX Invest platform. Using PoS terminals brings the offer to Nigeria’s second-largest payment channel by volume.
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According to Central Bank of Nigeria data, PoS terminals processed 15.66 billion transactions in 2025, second only to internet payments (21.11 billion). In the first quarter of 2026 alone, PoS volume reached 2.92 billion transactions—roughly 32 million per day. Nigerians interact with PoS far more frequently than with pure app-based channels, giving operators such as Moniepoint a physical distribution layer for products that have traditionally lived inside banks, brokerages and investment apps.
“The financial inclusion game that we are playing is not just to solve payments alone,” Daniel Ojinaka, Product Lead, Consolidated DirectDebit at TeamApt (a Moniepoint Inc. subsidiary), said. “We want to solve any other aspect of the financial space for everyone and to include everyone.”
The Dangote IPO suits the experiment
Dangote is offering 4.1 billion shares at ₦525 each, targeting ₦2.15 trillion if fully subscribed. The offer opened on 14 September 2026 and is scheduled to close on 13 October 2026. The minimum subscription is 10 shares (₦5,250). Nigeria currently has about 2.7 million active retail investors; a successful retail push could bring millions of first-time participants into the market.
Moniepoint and public reports indicate a minimum of 10 shares and a maximum of 500 shares per transaction via its channels (approximately ₦262,500). The company is deliberately targeting smaller-ticket investors who already use agents for everyday cash and payments.
Moniepoint reports stronger early uptake via PoS than via mobile in some periods and is rolling out agent incentives so customers can subscribe without extra fees on selected days. Agents may still apply their usual transaction commissions; when the author tested a subscription for the minimum 10 shares, an agent charged ₦100 while Moniepoint itself added no processing fee.
Beyond cash collection
Moniepoint has spent years testing offline use cases—lending, tax payments via Monify, bill payments such as DSTV, and direct deposits into investment accounts such as Cowrywise. The IPO simply extends an existing direct-debit and validation flow with additional KYC and capital-market infrastructure steps (BVN capture, securities-account linkage, broker and NGX integration).
Vetiva acts as the sponsor broker; the company also works with other market participants and has obtained the necessary regulatory notifications.
The long-term ambition, according to Ojinaka, is broader access to listed equities through the same terminals. The Dangote offer is the live test case.
The agent remains the critical interface
Nigeria’s dense agent network (IMF estimates around 1,600 PoS operators per square kilometre in places) has driven inclusion, but it also raises questions about fraud, compliance, privacy and investor protection. The CBN has introduced geo-fencing and other controls. When the author tested the service, the terminal displayed the full BVN during verification while partially masking name and phone number.
The same physical proximity that makes PoS powerful for inclusion creates new responsibilities around data handling and agent conduct.
If the experiment succeeds, the PoS terminal stops being only a place where money moves and becomes a place where financial ownership can begin. What happens after the Dangote IPO closes will show whether everyday users who already trust an agent with cash will also trust that same interface with an investment.
This article is for informational purposes only and does not constitute investment, legal or financial advice. Share allotment in any IPO is not guaranteed. Readers should consult the official Dangote Petroleum Refinery and Petrochemicals prospectus and a licensed professional before making any investment decision. Data cited is drawn from CBN, NIBSS, NGX and company statements current as of publication.
Samuel O. Sulaimon is the founder and Editor-in-Chief of Naijapiz. He covers news, politics, current affairs, education, and technology.
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