Moniepoint Shuts Down MonieWorld, Its UK Remittance Business
Moniepoint Inc. has shut down MonieWorld, its UK-based remittance product for Nigerians in the diaspora, less than 18 months after launch. The fintech announced a strategic transition of MonieWorld as it refocuses capital, technology and operational resources on its core African markets.
“Moniepoint Inc., Africa’s all-in-one financial platform, today announced that MonieWorld, its UK-based remittance business, is undergoing a strategic transition as the Group refocuses its resources on building and scaling its core platform for African businesses,” the company said in a statement shared with TechCabal on Tuesday.
The move marks a pullback from its first international foray.
MonieWorld, which went live in June 2025 after Moniepoint GB was incorporated in February 2024, allowed UK residents to send money directly to any Nigerian bank account via bank transfer, debit cards, Apple Pay and Google Pay. At launch, Moniepoint targeted a share of the £2.76 billion ($3.69 billion) UK-Nigeria corridor.
The company has stopped accepting transactions on August 15, 2026, and will fully wind down the service on September 15, 2026. Customers have been asked to withdraw balances and will receive guidance on funds in transit.
Why Moniepoint is Exiting the UK
MonieWorld was built on heavy upfront regulatory investment. According to the statement and UK filings, Moniepoint committed £1.2 million in setup costs for compliance staffing, tech infrastructure and administration, and placed a $2.5 million equity deposit to acquire FCA-authorised Electronic Money Institution Bancom Europe Ltd in July 2025. The Bancom deal was intended to fast-track licensing across the UK and European Economic Area.
Group filings show Moniepoint earmarked $7.39 million for its London expansion. Between February and December 2024 alone, it booked $1.26 million in administrative losses and $2.51 million as equity deposit for Bancom.
Despite reporting a 70% increase in monthly transaction volumes from users paying with cards, Apple Pay and Google Pay, the company said the diaspora play did not fit its long-term portfolio priorities.
“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 said.
Most of the MonieWorld team will be redeployed. “Changes arising from the MonieWorld decision will involve a combination of role transitions and redeployment, with affected employees already informed and supported through the process,” the company said.
Competition and Pivot to Africa
MonieWorld faced stiff competition in one of the world’s most crowded corridors — from Wise, Remitly, WorldRemit, LemFi and Grey — where customer acquisition costs are high and regulatory hurdles are steep.
Analysts say the closure underscores a broader lesson for Nigerian fintechs: success at home does not guarantee scale in highly regulated Western markets.
Moniepoint is now doubling down on Africa. In Nigeria, where it processed $294 billion in annualised transactions in 2025, it recently acquired restaurant software provider Orda. In Kenya, it completed a 78% acquisition of Sumac Microfinance Bank in May and appointed former Branch Kenya CEO Rose Muturi as country CEO.
The fintech, valued at $1 billion after its $110 million Series C in 2023, said its next chapter will focus on products and infrastructure that strengthen African businesses, rather than diaspora remittances. #Moniepoint Shuts Down MonieWorld, Its UK Remittance Business# Moniepoint Acquires Orda to Boost Africa’s Food Service Economy
