Moniepoint Inc. has announced plans to transition its UK-based remittance business, MonieWorld, as the fintech group redirects capital and resources towards its core financial platform for African businesses.
The company disclosed the decision in a statement on Tuesday, saying it followed a review of its portfolio and long-term priorities.
MonieWorld was launched in April 2025 to enable Nigerians living in the diaspora to send money directly to Nigerian bank accounts. The service allows UK residents to make transfers using British bank cards, Apple Pay and Google Pay.
According to Moniepoint, MonieWorld gained traction following its launch, recording a 70% increase in monthly transaction volume among UK-based diaspora users.
Despite the early growth, the company said it had decided to redirect the technical, capital and operational resources developed through MonieWorld towards its primary African markets.
Moniepoint’s UK expansion began with the incorporation of Moniepoint GB in February 2024. The company said it subsequently spent £1.2 million on setup costs, including administrative expenses, technology infrastructure and compliance staffing required to operate within the UK’s regulated financial market.
In July 2025, the group also secured a $2.5 million equity deposit to acquire Bancom Europe Ltd, an Electronic Money Institution authorised by the UK Financial Conduct Authority.
“These foundation investments enabled the launch of MonieWorld in April 2025, which quickly gained traction including recording a 70% increase in monthly transaction volume among the UK diaspora using cards, Apple Pay, and Google Pay,” the company stated.
Moniepoint added that the experience gained from building its UK cross-border infrastructure would now be redirected towards its African operations.
“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 stated.
The transition will involve changes to roles and the redeployment of employees. Moniepoint said affected workers had already been informed and would be supported throughout the process.
The company also said customers would continue to receive updates on timelines, next steps and support for funds or transactions that remain in progress as the transition takes place over the coming weeks.
MonieWorld was the first product launched by Moniepoint GB in April 2025. At launch, the company said the service was intended to be expanded with additional products aimed at serving the African diaspora community and strengthening financial links between Africa and the UK.
The decision comes after Moniepoint GB reported a $1.2 million loss for the 2024 financial year. Moniepoint clarified that the reported loss represented administrative and infrastructure expenses incurred by the UK entity.
During the same period, the company spent $2.5 million as an equity deposit towards its acquisition of Bancom, a UK electronic money firm.
Meanwhile, Moniepoint’s Nigerian operations continue to record significant growth. Moniepoint Microfinance Bank processed transactions worth N412 trillion and disbursed more than N1 trillion in loans in 2025.
The company said the loans were largely targeted at small and medium-sized businesses, including provision stores, supermarkets and building materials traders.
Its web payment gateway, Monnify, also processed transactions worth N25 trillion during the year, driven by increased adoption of business-to-business and online payments.
