Moniepoint Winds Down MonieWorld UK Remittance Business to Refocus on Africa – Innovation Village

Moniepoint Inc. is winding down MonieWorld, its UK-based remittance business, less than 18 months after launch as the Nigerian fintech group redirects capital, technology and operational resources toward its core African markets.

The company said the decision followed a review of its portfolio and long-term priorities, marking a strategic shift away from its first major expansion outside Africa.

MonieWorld launched in April 2025 to enable Nigerians in the UK to send money directly to Nigerian bank accounts using a MonieWorld account, British bank cards, Apple Pay and Google Pay. The service was aimed at capturing a share of the multibillion-pound UK-Nigeria remittance market.

Despite the decision to wind down the business, Moniepoint said MonieWorld had recorded encouraging early traction, including a 70% increase in monthly transaction volumes among UK diaspora customers using cards, Apple Pay and Google Pay.

However, the company did not disclose how much money MonieWorld processed or the number of customers it acquired.

Moniepoint Redirects UK Investment to African Markets

Moniepoint’s UK expansion required significant upfront investment.

Moniepoint GB was incorporated in February 2024, with the company spending about £1.2 million on administrative expenses, technology infrastructure and compliance staffing required to operate in the UK’s regulated financial services market.

The group also committed a $2.5 million equity deposit toward the acquisition of Bancom Europe Ltd, an Electronic Money Institution authorised by the UK Financial Conduct Authority.

The acquisition was intended to strengthen Moniepoint’s regulatory infrastructure and support its expansion across the UK and potentially the wider European market.

According to Moniepoint, the infrastructure…