By Boluwatife Oshadiya | August 26, 2026
Key Points
- Moniepoint will wind down MonieWorld, its UK-to-Nigeria remittance product, about 14 months after launch
- The fintech says it is redirecting capital, technology and operational resources to its core African markets
- MonieWorld recorded a 70% increase in monthly transaction volume among UK diaspora users, but Moniepoint did not disclose revenue or total transaction values
Main Story
Moniepoint is winding down MonieWorld, its UK-based remittance product, about 14 months after launching the service to enable UK residents to send money directly to Nigerian bank accounts.
The company announced the transition on Tuesday, August 25, 2026, following a review of its portfolio and long-term priorities. Moniepoint said it will redirect technical, capital and operational resources towards its core platform for African businesses, with Nigeria and Kenya remaining key markets.
MonieWorld launched in April 2025 as Moniepoint’s first major product for customers outside Africa. The service targeted the Nigerian and wider African diaspora in the United Kingdom, allowing users to transfer funds to Nigerian bank accounts through MonieWorld accounts, British bank accounts and cards, Apple Pay and Google Pay.
Despite the decision to exit the remittance product, Moniepoint said the service had recorded a 70% increase in monthly transaction volume among UK diaspora users paying through cards, Apple Pay and Google Pay. The company said the product had validated its cross-border infrastructure and delivered value to thousands of diaspora users, but it did not disclose total transaction value, revenue or customer numbers.
Moniepoint’s UK expansion also involved significant investment. BusinessDay reported that the company incurred about £1.2 million in administrative, technology and compliance-related setup costs. The company also made a $2.5 million equity deposit linked to its acquisition of Bancom Europe Ltd, an FCA-authorised electronic money institution, to support its UK and European operations.
The Issues
The withdrawal comes as Moniepoint faces a strategic choice between maintaining an expansion into a competitive, heavily regulated remittance corridor and concentrating resources in markets where it already has scale.
The UK-Nigeria corridor includes established operators competing on fees, exchange rates, transaction speed and customer acquisition. Against that backdrop, transaction growth alone may not have been sufficient to justify continued investment, although Moniepoint has not disclosed the product’s profitability or operating costs.
The move also does not amount to a shutdown of Moniepoint’s entire UK corporate presence. The company is specifically winding down MonieWorld while continuing to focus on its broader African payments, banking, credit and business-services operations.
What’s Being Said
“We have validated our cross-border infrastructure and delivered value to thousands of diaspora users,” Moniepoint said in its statement announcing the strategic transition.
The company said the decision followed a review of its portfolio and long-term priorities and that it would redirect resources towards its core African platform.
No independent analyst response was identified in the information reviewed for this report as of press time.
What’s Next
Moniepoint said MonieWorld will continue processing transactions during the wind-down period, with customers receiving further communication on timelines, next steps and support for funds or transactions already in progress.
The transition is expected to take place over the coming weeks, although Moniepoint has not announced a specific final closure date.
The company also said affected employees will undergo role changes and redeployment, with most members of the MonieWorld team expected to move into other departments.
Bottom Line
The Bottom Line: Moniepoint’s decision signals a sharper focus on markets where it already has scale rather than a broad retreat from international financial services. The exit also shows that strong transaction growth does not necessarily make continued expansion commercially attractive in a highly competitive and regulated remittance market.
