Moniepoint winds down UK remittance business MonieWorld

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.

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…