Moniepoint to discontinue UK remittance business MonieWorld

Moniepoint is discontinuing MonieWorld, its UK-based remittance business, less than 18 months after launching the service to help Nigerians in the diaspora send money home.

The Nigerian fintech unicorn said it is making the change after reviewing its portfolio and long-term priorities. It plans to redirect resources towards its core financial platform for African businesses.

“Moniepoint Inc., Africa’s all-in-one financial platform, today announced that MonieWorld, its UK-based remittance business, is undergoing a strategic transition,” the company said in a statement shared with TechCabal.

Moniepoint launched MonieWorld in April 2025 as its first major expansion outside Nigeria. The service allowed UK residents to send money to Nigerian bank accounts through a MonieWorld account, cards, Apple Pay, Google Pay, and UK bank accounts.

The company entered a UK-Nigeria remittance market estimated at £2.76 billion ($3.69 billion) annually.

However, building the UK operation required significant upfront investment. Moniepoint said it spent £1.2 million on administrative costs, technology infrastructure and compliance staffing after incorporating Moniepoint GB in February 2024.

It also deposited $2.5 million to acquire Bancom Europe Ltd, a UK Financial Conduct Authority-authorised electronic money institution, in July 2025.

Regulatory filings show the group had earmarked $7.39 million for its London expansion.

Despite the investment, Moniepoint said MonieWorld’s monthly transaction volume among UK diaspora users grew 70% through cards, Apple Pay and Google Pay. The company did not disclose its total transaction value or customer numbers.

Moniepoint shifts focus to Africa

Moniepoint now plans to apply the technology and infrastructure developed for MonieWorld to its African operations.

The company processed $294 billion in annualised transactions in Nigeria in 2025. It has also expanded into Kenya through its acquisition of a 78% stake in Sumac Microfinance Bank.

It has also acquired Orda, a cloud-based restaurant software provider in Nigeria, as it expands its business-focused financial services.

The company said most MonieWorld employees will move to other departments, while affected workers have already received information about the changes.

The company has not provided a specific timeline for completing the transition. It said customers will continue receiving communication about the process, including guidance on outstanding transactions and funds.

The closure marks a retreat from Moniepoint’s first international consumer-facing venture. However, the fintech said it remains committed to international expansion, with its focus now firmly on African markets.

“The company’s next chapter will build on this principle, with continued investment in products, infrastructure and markets that strengthen African businesses,” Moniepoint said