Moniepoint Inc., Nigeria’s fintech heavyweight, is diving into the UK with MonieWorld, a new app targeting the African diaspora to channel a chunk of Nigeria’s $21bn remittance market.
The move marks the company’s first push outside Africa, aiming to grab a slice of the UK’s fast-growing Nigerian community.
Operated by its London-based subsidiary, Moniepoint GB, MonieWorld lets users send money to Nigeria in seconds, fee-free, with competitive exchange rates updated daily.
Available on the App Store and Google Play, it supports bank transfers, cards, and mobile payments like Apple Pay.
“The launch of MonieWorld is an exciting step on our journey to create financial happiness and support Africa’s entrepreneurial potential,” Founder and Group CEO of Moniepoint Inc., Tosin Eniolorunda, said in a statement.
“It is a natural addition to our existing suite of solutions and will be hugely valuable for customers. It makes it easy, quick and reliable to send remittances—a critical source of funds for Nigeria’s economy.”
Nigeria’s remittances, up nine per cent to $20.98bn in 2024, rely heavily on the UK diaspora, contributing about half, central bank data shows.
Moniepoint, handling over one billion monthly transactions worth $22bn for 10 million Nigerian SMEs and consumers, sees MonieWorld as a growth engine. Its tech backbone ensures near-flawless reliability, a key edge.
“The African diaspora needs a one-stop solution to better meet its financial services needs—and improve on the current fragmented market,” he said.
“I am thrilled Moniepoint is tackling this challenge and can’t wait to announce future additions to the MonieWorld solution. We expect that MonieWorld will enhance financial access for everyone involved, boosting UK-Nigeria bilateral trade and benefiting the global economy.”
The launch follows Moniepoint’s 150 per cent revenue surge in recent years, capped by a Series C round in October 2024 backed by Development Partners International, Google’s Africa Investment Fund, Verod Capital, and Lightrock, plus a Visa investment in January 2025.
