Moniepoint Prioritizes African Markets After UK Exit

Nigerian fintech unicorn Moniepoint has decided to wind down its UK-to-Nigeria remittance service, MonieWorld, just 14 months after launch. The move underscores a shift toward domestic strengths where the company already holds commanding market share.

Moniepoint processed NGN 412 trillion (USD 294 billion) in transaction value across 14 billion transactions in Nigeria during 2025, powering eight out of every ten in-person payments nationwide. It also disbursed over NGN 1 trillion in loans to small businesses, solidifying its position as the country’s largest merchant acquirer.

The UK venture proved costly, with Moniepoint GB reporting a USD 1.2 million loss for the 2024 financial year. The company invested heavily in infrastructure and compliance to enter one of the world’s most competitive remittance corridors, where it faced established players like LemFi, NALA, Wise, WorldRemit, and Flutterwave.

“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 stated in announcing the shutdown.

The decision reflects a broader trend among African fintechs concentrating resources where they have proven distribution and unit economics. Meanwhile, UK-based companies like Revolut and Monzo are increasingly eyeing African expansion opportunities.

Moniepoint plans to redeploy employees from MonieWorld within the group while seeking buyers for its FCA license and Bancom infrastructure. The company is also deepening its presence in Nigeria and Kenya through acquisitions like Sumac Microfinance Bank.