Follow Us on Google Discover
Moniepoint Inc. has announced plans to transition its UK-based remittance business, MonieWorld, as the fintech group redirects capital and resources towards its core financial platform for African businesses.
The company disclosed this in a statement on Tuesday, saying the decision followed a review of its portfolio and long-term priorities.
MonieWorld was launched in April 2025 to enable Nigerians in the diaspora to send money directly to Nigerian bank accounts.
What they are saying
The company said the service gained traction after its launch, recording a 70% increase in monthly transaction volume among UK-based diaspora users making payments through cards, Apple Pay and Google Pay.
Also Read
Despite the early traction, Moniepoint said it had decided to redirect the technical, capital and operational resources developed through MonieWorld towards its primary African markets.
Moniepoint said its UK expansion began with the incorporation of Moniepoint GB in February 2024, followed by £1.2 million in setup expenditure covering administrative costs, technology infrastructure and compliance staffing required to operate in the UK’s regulated financial market.
The group also secured a $2.5 million equity deposit to acquire Bancom Europe Ltd, an Electronic Money Institution authorised by the UK Financial Conduct Authority, in July 2025.
- “These foundation investments enabled the launch of MonieWorld in April 2025, which quickly gained traction including recording a 70% increase in monthly transaction volume among the UK diaspora using cards, Apple Pay, and Google Pay.
- “Having validated its cross-border infrastructure and delivered value to thousands of diaspora users, the Group is now redirecting this technical, capital, and operational architecture toward its primary African markets,” the company stated.
The transition will involve role changes and redeployment of employees, with affected workers already informed and supported through the process.
Moniepoint said customers would continue to receive updates on timelines, next steps and support for funds or transactions that remain in progress as the transition takes place over the coming weeks.
Get up to speed
Moniepoint GB launched MonieWorld as its first product in April 2025. According to the company, MonieWorld allows UK residents to send money directly to any Nigerian bank account using a MonieWorld account, British bank cards, or Apple Pay and Google Pay.
The company said more products would follow as part of its vision to serve the African diaspora community and strengthen the financial link between Africa and the UK.
For the 2024 financial year, Moniepoint GB had reported a $1.2 million loss. However, Moniepoint Inc. clarified that the loss represented administrative and infrastructure expenses for the company.
In the same year, the company also spent $2.5 million as equity deposit for its acquisition of Bancom, a UK electronic money firm.
What you should know
Meanwhile, in Nigeria, Moniepoint Microfinance Bank continues to dominate the fintech space. Nairametrics reported that the bank processed transactions worth N412 trillion and disbursed over N1 trillion in loans in 2025.
According to the company said loan disbursements were targeted largely at small and medium-sized enterprises, including provision stores, supermarkets, and building materials traders.
In the same year, Monnify, its web payment gateway, processed transactions worth N25 trillion over the same period, driven by increased business-to-business and online payments adoption.
