Barely 18 months after its bold entry into the UK remittance market, Nigerian fintech giant Moniepoint has announced the discontinuation of its diaspora-focused service, MonieWorld. The company said the decision followed a thorough review of its portfolio and long-term priorities, with resources now being redirected to strengthen its core African operations.
Launched in April 2025, MonieWorld was designed to capture a share of the £2.76 billion UK-Nigeria remittance corridor, offering users seamless transfers via cards, bank accounts, Apple Pay, and Google Pay. Despite recording a 70% rise in monthly transaction volumes among UK-based Nigerians, Moniepoint is phasing out the service after heavy upfront investments, including £1.2 million in setup costs and a $2.5 million equity deposit for FCA-regulated Bancom Europe Ltd.
The fintech unicorn explained that while MonieWorld validated its cross-border infrastructure and delivered value to thousands of diaspora users, its future lies in consolidating gains in Africa. In 2025 alone, Moniepoint processed $294 billion in transactions in Nigeria and expanded into Kenya through the acquisition of a majority stake in Sumac Microfinance Bank. The company has also strengthened its footprint with strategic acquisitions such as Orda, a restaurant software provider.
Moniepoint assured customers that MonieWorld will continue processing funds during the transition, with affected employees redeployed internally. While the UK retreat signals a recalibration of its global ambitions, the firm insists it is not abandoning international expansion but rather doubling down on Africa. “The company’s next chapter will build on this principle, with continued investment in products, infrastructure and markets that strengthen African businesses,” it said.