Moniepoint Redirects Resources Back to African Markets

Fintech firm Moniepoint is discontinuing MonieWorld, its UK-based remittance service launched in April 2025. The company cited a strategic decision to refocus technical, capital, and operational resources on strengthening its core platform and expanding within primary African markets.

MonieWorld enabled Nigerians in the UK to send funds directly to Nigerian bank accounts, positioning itself as a faster, more affordable alternative for diaspora support of families and businesses back home. At launch, Moniepoint highlighted that remittances to Nigeria had reached $20.98 billion in 2024, with the UK diaspora accounting for roughly half of this total.

Despite Growth, Strategic Shift Underway

Despite reporting a 70% increase in monthly transaction volume among UK users, Moniepoint executives determined that prioritizing core African operations would yield greater long-term impact. Co-founders Tosin Eniolorunda and Felix Ike emphasized this as a deliberate move to build their foundational platform for African businesses.

Moniepoint’s broader ecosystem now serves over 20 million businesses and individuals, processing more than $250 billion in digital payments annually across multiple services including payments, banking, credit, and business management solutions. This shutdown represents a recalibration rather than a complete retreat from cross-border financial opportunities.

A Brief Experiment in International Expansion

MonieWorld marked Moniepoint’s first venture outside Africa, initially targeting Nigerians before expanding to include other Africans in the diaspora. While the service offered rapid transfers and competitive exchange rates, it faced competition from established players in the UK-Nigeria remittance corridor.

The company has not publicly attributed the closure to market challenges but rather framed it as an internal resource allocation decision. This aligns with Moniepoint’s ongoing evolution from a payments processor into a comprehensive financial services provider for African businesses.