Moniepoint winds down UK remittance business MonieWorld

Moniepoint Inc. is set to wind down its UK-based remittance business, MonieWorld, as it focuses on its core financial platform for African businesses. The decision to phase out MonieWorld came after a review of the company's portfolio and long-term priorities. Launched in April 2025, MonieWorld aimed to facilitate money transfers from Nigerians in the diaspora to Nigerian bank accounts.

The service saw a 70% surge in transaction volume during its first month of operations among UK-based diaspora users utilizing cards, Apple Pay, and Google Pay. However, Moniepoint opted to redirect resources from MonieWorld towards its primary markets in Africa. The UK expansion of Moniepoint began in February 2024 with the incorporation of Moniepoint GB, followed by £1.2 million in setup costs for administrative expenses, technology infrastructure, and compliance staffing.

In July 2025, Moniepoint secured a $2.5 million equity investment to acquire Bancom Europe Ltd, a UK Electronic Money Institution authorized by the Financial Conduct Authority. Employees affected by the transition have been informed and supported through the process. Customers of MonieWorld will receive updates on timelines, next steps, and support for any ongoing transactions as the transition unfolds over the coming weeks.

Moniepoint GB, which launched MonieWorld as its first product, reported a $1.2 million loss in the 2024 financial year, attributed to administrative and infrastructure expenses. The same year, the company also invested $2.5 million in the acquisition of Bancom, signaling its commitment to expanding its presence in the UK's financial market.

Moniepoint's presence in Nigeria remains strong, with Moniepoint Microfinance Bank processing transactions worth N412 trillion and disbursing over N1 trillion in loans in 2025, primarily targeting small and medium-sized enterprises. Monnify, its web payment gateway, processed transactions worth N25 trillion, driven by the rise in business-to-business and online payments.