Moniepoint is discontinuing MonieWorld, its UK-based remittance business, less than 18 months after its launch, as the Nigerian fintech company redirects its resources towards expanding its core financial platform for African businesses.
The decision follows what the company described as a thorough review of its portfolio and long-term priorities. Moniepoint said the move will allow it to focus its technical, financial and operational resources on markets where it already has significant scale and opportunities for further growth.
“Moniepoint Inc., Africa’s all-in-one financial platform, today announced that MonieWorld, its UK-based remittance business, is undergoing a strategic transition as the Group refocuses its resources on building and scaling its core platform for African businesses,” the company said in a statement shared with TechCabal.
Redirecting Resources to Core African Markets
MonieWorld was launched in April 2025 to give Nigerians living in the UK a faster way to send money home. Users could send funds from a MonieWorld account, cards, a British bank account, Apple Pay or Google Pay directly to Nigerian bank accounts.
At launch, Moniepoint was targeting a share of the £2.76 billion UK-Nigeria remittance market. The company said the service had provided thousands of Nigerians in the diaspora with a reliable way to support family and friends back home.
Despite its decision to exit the market, Moniepoint said demand remained stable. Its regulatory filings noted that there was a strong and consistent flow of funds from the UK to Nigeria. The company also said MonieWorld recorded a 70% increase in monthly transaction volume among UK diaspora users through cards, Apple Pay and Google Pay.
The UK expansion, however, required significant investment. Following the incorporation of Moniepoint GB in February 2024, the group committed £1.2 million in initial setup costs covering administration, technology infrastructure and compliance staffing. It also secured a $2.5 million equity deposit to acquire FCA-authorised Electronic Money Institution Bancom Europe Ltd in July 2025.
Regulatory filings showed that Moniepoint earmarked $7.39 million for its London expansion. Between February and December 2024, $1.26 million was spent on administrative and infrastructure expenses, while another $2.51 million went towards the Bancom acquisition.
Rather than continue putting capital into the UK operation, Moniepoint is now directing those resources towards Nigeria and Kenya. In Nigeria, the company processed $294 billion in annualised transactions in 2025. It has also expanded its local business offering through the acquisition of Orda, a cloud-based restaurant software provider.
Building Scale Across Africa
The company said the UK experience was still valuable because it helped validate its cross-border technology and operational systems.
“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,” Moniepoint said.
The transition is expected to affect the UK team, although Moniepoint said most employees will be redeployed to other departments. Staff affected by the decision have already been informed and supported, with further changes expected in the coming weeks.
Customers will continue to receive communication during the transition, including information about timelines, next steps and the handling of funds or transactions already in progress. The company has not provided a specific date for the completion of the process.
The withdrawal from the UK does not represent an end to Moniepoint’s international ambitions. Instead, the company is placing greater emphasis on Africa, where it sees stronger opportunities to build scale.
In May, Moniepoint completed its acquisition of a 78% stake in Kenya’s Sumac Microfinance Bank, strengthening its presence in East Africa. In July, it appointed former Branch Kenya CEO Rose Muturi as chief executive of its Kenyan business.
Moniepoint said its next phase will focus on continued investment in products, infrastructure and markets that strengthen African businesses. The shift therefore gives the company an opportunity to concentrate capital and talent on its established markets while using lessons from its UK expansion to support its wider African growth strategy.
Source: TechCabal
