LAGOS, NIGERIA — Nigerian fintech unicorn Moniepoint has announced the suspension of MonieWorld, its UK-based remittance service, just 16 months after its commercial launch, redirecting capital and operational resources back to its core African markets following a strategic portfolio review .
MonieWorld, launched in April 2025 through Moniepoint’s UK subsidiary Moniepoint GB, was designed to enable Nigerians in the diaspora to send money directly to bank accounts and mobile wallets in Nigeria . The service, which processed transactions through cards, Apple Pay and Google Pay, reported a 70 percent increase in monthly transaction volume among UK diaspora users, indicating early traction in a competitive market .
However, the company confirmed that customer growth alone was insufficient to justify continued investment in the UK corridor. “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 in a statement .
The UK expansion represented a significant financial commitment. Moniepoint GB was incorporated in February 2024, with the group spending approximately £1.2 million on administrative expenses, technology infrastructure and compliance staffing required to establish operations in the UK’s regulated financial market . In July 2025, the company further secured a $2.5 million equity deposit to acquire Bancom Europe Ltd, a Financial Conduct Authority-authorised electronic money institution intended to accelerate its licensing ambitions in the UK and European Economic Area .
Moniepoint’s retreat underscores the intensity of competition in the UK-Nigeria remittance corridor, one of the most contested segments of the African cross-border payments market, populated by established players including LemFi, NALA, Taptap Send and Wise . Analysts note that building a sustainable market position in such an environment requires substantial and sustained investment in customer acquisition, technology and regulatory compliance.
The decision also reflects a broader strategic recalibration as Moniepoint consolidates its position in Africa. The company, which achieved unicorn status in late 2024, has been strengthening its presence in East Africa, completing a majority acquisition of Sumac Microfinance Bank in Kenya to secure a deposit-taking licence, and acquiring restaurant management platform Orda to expand its merchant services ecosystem .
Moniepoint said the transition would affect its workforce, with most employees working on MonieWorld expected to be redeployed within the group rather than leaving the company . Affected employees have already been informed and are being supported through the process, while customers will continue to receive guidance on timelines and next steps for any funds or transactions in progress .
