Moniepoint Pulls Out of UK Market, Shifts Focus Back to Africa

Nigerian fintech unicorn Moniepoint is discontinuing its MonieWorld remittance app less than 18 months after launch. The move comes after the company invested millions building infrastructure for international expansion.

Background on MonieWorld

MonieWorld launched in April 2025, allowing users in the UK to send money directly to Nigerian bank accounts via various payment methods (bank transfers, cards, Apple Pay, Google Pay).

Financial Investment Details

• Incorporated subsidiary Moniepoint GB in February 2024
• Spent $1.26 million on administrative and infrastructure costs by December 2024
• Acquired Bancom Europe (UK EMI) for $2.51 million
• Total earmarked investment: $7.39 million

Performance Before Shutdown

Despite showing promise with competitive exchange rates, Moniepoint hasn’t disclosed specific transaction volumes or revenue generated by MonieWorld.

• Monthly UK user transactions grew 70%
• The UK-Nigeria remittance corridor was valued at $3.69 billion in 2021

Strategic Rationale for Exit

Moniepoint stated that the decision follows a portfolio review and prioritizes resources for its core African markets where it already has significant traction.

• Processed $294 billion in annualised transactions in Nigeria in 2025
• Acquired Orda (restaurant management) to expand data operations
• Appointed Rose Muturi (ex-Branch CEO) to lead Kenyan business after acquiring 78% of Sumac Microfinance Bank

Unresolved Questions

• What will happen to the MonieWorld technology and IP?
• How will Bancom Europe be integrated into Moniepoint’s operations?

The company is signalling a deeper commitment to its existing markets rather than pursuing further expansion in competitive territories.