Key points
- Moniepoint Inc. is transitioning its UK-based remittance product, MonieWorld.
- The fintech group says it is redirecting capital, technology and operational resources towards its core African markets.
- MonieWorld recorded a 70 per cent increase in monthly transaction volume among UK-based diaspora users.
- Affected employees will undergo role changes or redeployment, while customers will receive updates and support during the transition.
Main Story
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 and primary African markets.
The company disclosed the decision in a statement on Tuesday, saying it followed a review of its portfolio and long-term strategic priorities.
MonieWorld was launched in April 2025 by Moniepoint GB to enable Nigerians and other members of the African diaspora in the United Kingdom to send money directly to Nigerian bank accounts.
The company said the platform gained early traction, recording a 70 per cent increase in monthly transaction volume among UK-based diaspora users making payments through bank cards, Apple Pay and Google Pay.
However, Moniepoint said it had decided to redirect the technical, capital and operational infrastructure developed through the product towards its primary markets in Africa.
The Issues
The decision highlights the significant cost and complexity associated with expanding financial technology services into highly regulated international markets.
Moniepoint’s UK expansion involved substantial investment in regulatory compliance, technology infrastructure and staffing before the launch of MonieWorld.
The transition also raises questions about the future of the group’s broader diaspora-focused strategy, particularly as the company had previously indicated plans to introduce additional products aimed at strengthening financial connections between Africa and the United Kingdom.
For employees and customers, the immediate focus will be on managing the transition, including role changes, redeployment and the completion or resolution of transactions still in progress.
What’s Being Said
Moniepoint said its UK operations began with the incorporation of Moniepoint GB in February 2024.
The company subsequently invested about £1.2 million in administrative costs, technology infrastructure and compliance staffing required to operate in the UK’s regulated financial market.
It 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,” the company said.
“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.”
Get Up to Speed
Moniepoint GB launched MonieWorld as its first product in April 2025, allowing UK residents to send money directly to Nigerian bank accounts through a MonieWorld account, British bank cards, Apple Pay and Google Pay.
The company had indicated that additional products would follow as part of a broader ambition to serve the African diaspora community and strengthen financial links between Africa and the UK.
For the 2024 financial year, Moniepoint GB reported a $1.2 million loss, which Moniepoint Inc. said reflected administrative and infrastructure expenses associated with establishing the UK operation.
The company also invested $2.5 million as an equity deposit for its acquisition of Bancom, a UK electronic money firm.
What’s Next
Moniepoint said the transition would take place over the coming weeks.
The process will involve changes to roles and the redeployment of employees, with affected workers already informed and supported.
Customers will continue to receive updates on timelines, next steps and support relating to funds or transactions that remain in progress.
The company is expected to redirect the infrastructure, expertise and resources developed through its UK operations towards expanding and strengthening its financial services across African markets.
What You Should Know
While winding down its UK remittance product, Moniepoint continues to maintain a significant presence in Nigeria’s financial technology and banking sector.
Moniepoint Microfinance Bank processed transactions worth N412 trillion and disbursed more than N1 trillion in loans in 2025, according to figures reported by Nairametrics.
The loan disbursements were largely targeted at small and medium-sized businesses, including provision stores, supermarkets and building materials traders.
Monnify, the group’s web payment gateway, also processed transactions worth N25 trillion during the same period, driven by growing business-to-business and online payment activity.
Bottom Line
Moniepoint’s decision to transition MonieWorld represents a strategic retreat from its UK remittance expansion, despite the product’s early growth. The fintech group is instead concentrating its capital, technology and operational capacity on Africa, where its core banking and payments businesses continue to record significant transaction volumes.
