Nigerian fintech Moniepoint is winding down its UK-focused remittance service MonieWorld, 14 months after entering the UK-Africa money transfer market, as the company redirects resources towards its core operations in Africa.
The decision comes amid intense competition in the UK-Nigeria remittance corridor, one of the most active channels for money transfers to Africa. Nigeria received $22.8 billion in personal remittances in 2025, while the UK has historically ranked among the country’s largest sources of inward remittances.
Moniepoint launched MonieWorld in April 2025 to serve Africans in Britain sending money to family and businesses across Africa. The company said it was discontinuing the service as it reassessed where its technical, operational and financial resources could deliver the greatest impact.
In a press release shared with Big Tech This Week, Moniepoint described the wind-down as “a deliberate decision to focus resources on building and scaling its core platform for African businesses.” The company said MonieWorld had recorded a 70% increase in monthly transaction volumes among UK diaspora users.
Moniepoint added that it was “redirecting this technical, capital, and operational architecture toward its primary African markets.”
According to sources cited by Big Tech This Week, the UK-Africa remittance market proved more competitive than Moniepoint had anticipated. The service is reportedly being marketed to potential buyers, which could allow another operator to acquire its existing infrastructure, regulatory capabilities and customer base.
Moniepoint strengthened its position in the UK market in July 2025 by acquiring Bancom Europe for $2.5 million, securing an Electronic Money Institution licence authorised by the UK Financial Conduct Authority.
Despite the regulatory foothold, Moniepoint ultimately determined that becoming a significant player in the remittance market would require continued investment in compliance, operations, technology and customer acquisition.
The exit highlights the challenges facing fintech companies competing in the increasingly crowded UK-Africa remittance market. MonieWorld entered a sector that already included established players such as NALA, LemFi, Send App and Wise, alongside traditional remittance operators and other regulated financial technology companies.
Those competitors have spent years building customer relationships and developing products around the needs of African diaspora communities, creating significant barriers for newer entrants seeking to persuade users to switch providers.
The UK-Africa corridor represents a substantial opportunity, but remittance services are heavily influenced by customer trust and established habits. Users often prioritise familiar exchange rates, predictable delivery times, reliability and ease of use, making customer acquisition challenging for new entrants.
Moniepoint is one of Nigeria’s major merchant-acquiring and business-finance platforms, with operations spanning payments, banking, lending, bookkeeping and business management.
The fintech is now redirecting its attention towards its African markets, particularly Nigeria and Kenya. In Kenya, the company has expanded through its acquisition of a 78% stake in Sumac Microfinance Bank, while its Nigerian operations include TeamApt, Monnify, Moniepoint Microfinance Bank and Moniebook.
Moniepoint’s payments infrastructure subsidiary, TeamApt, serves banks and financial institutions, while Monnify provides payment gateway services to businesses. Moniepoint Microfinance Bank focuses on small and medium-sized enterprises, with Moniebook offering bookkeeping and business-management capabilities.
The company is also expected to seek buyers for MonieWorld’s assets rather than simply abandon them. The assets include its UK regulatory licence, Bancom Europe infrastructure and existing customer base, potentially making the business attractive to a specialised remittance operator seeking an established presence in Britain.
Moniepoint’s withdrawal illustrates the difficulty of turning a large market opportunity into a sustainable position. While the UK-Africa remittance corridor continues to offer significant potential, competition and the cost of acquiring and retaining customers can make the market challenging even for well-funded fintech companies.
For Moniepoint, the decision represents a strategic shift back towards its core African business, where it has an established customer base, infrastructure and product ecosystem. Rather than continuing to commit resources to a highly competitive overseas market, the company is concentrating investment on financial tools and services for businesses across Africa.
Stay ahead of the Stories shaping our world. Subscribe to Impact Newswire and join our
WhatsApp Channel for updates on global tech, business, and innovation—all in one place.
Dive deeper into the future with the Cause Effect 4.0 Podcast, where we explore the ideas, trends, and technologies driving the global AI conversation.
Got a story to share? Contact Us to reach a global audience with Impact Newswire.
Mohd Hassan has extensive experience in news gathering, editing, and writing for the newswire industry, Contact – Info@impactnews-wire.com
Discover more from Impact Newswire
Subscribe to get the latest posts sent to your email.
