Moniepoint Inc. is winding down its UK-based remittance service, MonieWorld, less than two years after launching the platform to serve Nigerians in the diaspora.
The fintech company said the decision followed a review of its business portfolio and long-term priorities, with the group choosing to redirect capital, technology and operational resources towards its core financial services business in Africa.
MonieWorld was launched in April 2025 to allow Nigerians and other UK-based users to send money directly to Nigerian bank accounts.
Despite the decision to exit the business, Moniepoint said MonieWorld recorded significant early traction.
According to the company, monthly transaction volumes among UK-based diaspora customers increased by 70 per cent, with users making payments through bank cards, Apple Pay and Google Pay.
Moniepoint said the UK operation provided an opportunity to develop and test its cross-border payments infrastructure before the group decided to deploy those capabilities more extensively in its primary African markets.
“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 said.
The fintech’s UK expansion began with the incorporation of Moniepoint GB in February 2024.
The company said it subsequently invested £1.2 million in establishing the UK operation, covering administrative expenses, technology infrastructure and compliance staffing needed to operate within the country’s regulated financial services environment.
In July 2025, Moniepoint also made a $2.5 million equity deposit towards the acquisition of Bancom Europe Ltd, an electronic money institution authorised by the UK Financial Conduct Authority.
These investments provided the foundation for the eventual launch of MonieWorld in April 2025.
However, Moniepoint GB reported a $1.2 million loss for the 2024 financial year, with the company previously explaining that the figure largely reflected administrative and infrastructure expenses associated with establishing the UK business.
The transition will affect employees working within the UK operation.
Moniepoint said affected employees had already been informed and would be supported through the process, with some roles expected to change while others would be redeployed.
Customers with ongoing transactions will continue to receive updates on the transition, including timelines, next steps and support for funds or transactions that remain in progress.
The company did not indicate that the decision would affect its core operations in Nigeria.
The withdrawal from the UK remittance market represents a renewed focus on Moniepoint’s broader African strategy.
In Nigeria, Moniepoint Microfinance Bank has continued to expand its presence in payments, lending and business banking, particularly among small and medium-sized enterprises.
The bank reportedly processed transactions worth N412 trillion in 2025 and disbursed more than N1 trillion in loans during the year, with lending targeted largely at businesses such as provision stores, supermarkets and building materials traders.
Its payment platform, Monnify, also processed transactions worth N25 trillion during the same period, reflecting the growing adoption of digital payments by Nigerian businesses.
Moniepoint’s decision to wind down MonieWorld therefore marks a shift in strategy rather than a retreat from cross-border financial services. The company is effectively taking the technology, infrastructure and experience developed through its UK experiment and redirecting them towards what it considers its larger opportunity: building financial services for African businesses and consumers.
The move also highlights the challenges facing African fintechs seeking to expand into highly regulated international markets, where establishing the necessary compliance, technology and operational infrastructure can require substantial investment before a business reaches scale.
