Nigeria: Payment terminals become a stock market investment tool

In Nigeria, point-of-sale (PoS) terminals are transforming into genuine tools for financial inclusion. According to TechCabal, fintech company Moniepoint is testing a new feature that allows Nigerians to purchase shares during the initial public offering (IPO) of the Dangote refinery, without needing a mobile app or a traditional broker. One simply needs to visit an authorized agent with their Bank Verification Number (BVN) to subscribe to the offer.

This initiative aims to democratize access to the capital market in a country where the terminal network is ubiquitous. With 5.9 million active terminals, Nigeria has approximately one device for every 28 inhabitants. According to data from the Central Bank of Nigeria (CBN), terminals were used 15.66 billion times in 2025. This physical reach offers a concrete alternative to digital platforms for reaching retail investors.

The Dangote refinery IPO, which targets 10 million retail investors, is offering 4.1 billion shares at a price of 525 naira each. The minimum subscription is set at 10 shares, or 5,250 naira. For security reasons and to limit money laundering risks, Moniepoint has capped investments via PoS at 100,000 naira per person. This measure primarily targets small savers.

Although Moniepoint does not charge any fees for the subscription, local agents apply their usual commissions on these transactions. Daniel Ojinaka, a product manager at a Moniepoint subsidiary, emphasizes that the goal is to address financial needs beyond simple payments. If the operation succeeds, it could attract more than 7 million new investors to the Nigerian stock market, thereby strengthening citizen participation in the national economy.

Our perspective

By transforming a simple payment tool into an investment channel, this innovation fosters true economic sovereignty for Nigerian citizens. By making the stock market accessible to the greatest number of people without requiring complex technical skills, this initiative strengthens financial inclusion and allows local populations to become actors in their country's industrial development, thereby reinforcing their dignity and financial autonomy.