At roadside kiosks and market stalls across Nigeria, point of sale machines already handle millions of daily transactions. The Central Bank of Nigeria recorded 15.66 billion PoS uses in 2025, and the terminals processed 2.92 billion transactions in the first three months of 2026, according to CBN data.
TechCabal reports that Moniepoint is testing a new use for its network of agents: allowing customers to buy shares in Dangote Petroleum Refinery and Petrochemicals’ initial public offering at PoS terminals. The fintech wants to use its network, which it says spans more than one million PoS terminals and reaches all 774 local government areas, to distribute Dangote shares to retail investors.
The offer from Dangote Petroleum Refinery and Petrochemicals is giving the public 4.1 billion shares at a price of ₦525 each, targeting ₦2.15 trillion if fully subscribed. The offer opened on 14 September and is scheduled to close on 13 October 2026, with a minimum subscription of 10 shares, or ₦5,250.
According to TechCabal, Moniepoint’s approach would let Nigerians walk into an agent location, provide their Bank Verification Number if they do not have a Moniepoint account, and buy shares without using an app or speaking to a broker. The Nigerian Exchange Group also expanded access to its NGX Invest platform by launching a WhatsApp subscription channel, TechCabal says.
TechCabal describes the PoS experiment as a potential way to reach millions of retail investors. The Dangote IPO is aiming for 10 million retail investors; Nigeria currently has about 2.7 million retail investors, TechCabal reports, and the offer could add at least 7.3 million first-time investors if fully taken up.
TechCabal set out an illustrative scenario based on CBN transaction data. With 2.92 billion PoS transactions in Q1 2026, that is roughly 32.4 million transactions a day. If half of those transactions represent unique people, and if 10 percent of them subscribed to the IPO at a PoS, that would translate to about 1.62 million potential investors, the article explains. The piece stresses this is a scenario and not a forecast.
Daniel Ojinaka, Product Lead, Consolidated DirectDebit, TeamApt, a subsidiary of Moniepoint Inc., told TechCabal, “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. We have been working on something, and the opportunity presented itself.”
TechCabal notes PoS usage remains one of Nigeria’s largest payment channels, second only to internet payments. The article presents the Moniepoint trial as a proof of concept for turning physical payment infrastructure into a distribution layer for financial products that traditionally live inside banks, brokerages and investment apps.
Featured image: Unknown via Wikimedia Commons, Public domain.
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