Moniepoint Shuts Down MonieWorld UK Remittance Product, Redirects Focus to Africa
- Moniepoint announced the closure of MonieWorld, its UK-based remittance service, less than 18 months after it launched to serve Nigerians in the diaspora
- The Nigerian fintech unicorn had committed over £1.2 million in setup costs and a $2.5 million equity deposit to build its UK operations
- Moniepoint said it is now channelling resources towards Nigeria and Kenya, where it recently acquired a majority stake in a microfinance bank
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Moniepoint has announced it is winding down MonieWorld, its remittance product built for UK-based Nigerians, citing a strategic decision to concentrate the company's capital and attention on its core African markets.
The Nigerian fintech company confirmed the development in a statement shared with TechCabal on Tuesday, saying the Group had completed a thorough review of its portfolio and long-term priorities before reaching the decision.
Source: Facebook
"MonieWorld has given Nigerians in the diaspora a fast and reliable way to send money directly to any Nigerian bank account, supporting friends and family back home," the company said.
Why Moniepoint is pulling out of the UK
MonieWorld launched in April 2025, giving UK residents a way to send money to any Nigerian bank account through a MonieWorld account, debit cards, a British bank account, or via Apple Pay and Google Pay. The product was aimed at capturing part of the £2.76 billion ($3.69 billion) UK-to-Nigeria remittance corridor.
To build the business, Moniepoint incorporated Moniepoint GB in February 2024 and spent £1.2 million on administrative costs, technology infrastructure, and compliance staffing. It also deposited $2.5 million in equity to acquire Bancom Europe Ltd, an FCA-authorised Electronic Money Institution, in July 2025. UK regulatory filings showed the company had earmarked $7.39 million for its London expansion overall.
Despite recording a 70% rise in monthly transaction volume among diaspora users, Moniepoint said the business was not the best use of the Group's resources going forward.
"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," it said.
Where Moniepoint is investing instead
Rather than sustain the UK operation, Moniepoint is doubling down on Nigeria, where it processed $294 billion in annualised transactions in 2025, and Kenya, where it completed the acquisition of a 78% stake in Sumac Microfinance Bank in May 2026. In July, it appointed Rose Muturi, formerly the chief executive of Branch Kenya, to lead its Kenyan operations.
Source: Facebook
The company has also been active in Nigeria, acquiring Orda, a cloud-based restaurant software provider, as it moves beyond its widely recognised blue Point-of-Sale devices used by agents across the country.
On the fate of MonieWorld customers, Moniepoint said the platform will continue to process funds during the transition and that users will receive communication on timelines, next steps, and support for any pending transactions. Most MonieWorld staff will be reassigned to other departments within the Group.
The company did not provide a specific deadline for completing the shutdown process.
Nigerian fintech Moniepoint disburses $700m loans
Legit.ng earlier reported that Moniepoint Inc. has revealed that it disbursed more than $700 million in loans to Micro, Small and Medium-sized Enterprises (MSMEs) in 2025, with a significant number of beneficiaries accessing formal business credit for the first time.
According to the fintech company's newly released 2025 Impact Report, about 75% of merchants who received financing through its platform had never previously obtained business loans, highlighting the firm's growing contribution to financial inclusion in Nigeria.
Source: Legit.ng
