Moniepoint Inc. is winding down MonieWorld, its UK-based remittance business, less than 18 months after launching the service, as the Nigerian fintech redirects capital, technology and operational resources towards its core African markets.
The company said the decision followed a review of its portfolio and long-term priorities, marking a strategic shift away from its first major expansion outside Africa.
MonieWorld launched in April 2025, allowing Nigerians living in the UK to send money directly to Nigerian bank accounts through MonieWorld accounts, British bank cards, Apple Pay and Google Pay.
The service was designed to compete in the lucrative UK-Nigeria remittance corridor, one of the largest sources of international transfers into Nigeria.
Despite the decision to shut down the business, Moniepoint said MonieWorld recorded strong early traction. Monthly transaction volumes among UK diaspora customers using cards, Apple Pay and Google Pay increased by 70%.
The company, however, did not disclose the total value of transactions processed or the number of customers acquired by the platform.
Moniepoint Invested in UK Expansion
Moniepoint’s UK expansion required significant investment in technology, compliance and regulatory infrastructure.
Moniepoint GB was incorporated in February 2024, with the company spending about £1.2 million on administrative expenses, technology infrastructure and compliance staffing needed to operate within the UK’s regulated financial services market.
The group also committed a $2.5 million equity deposit towards the acquisition of Bancom Europe Ltd, an Electronic Money Institution authorised by the UK Financial Conduct Authority.
The planned acquisition was intended to strengthen Moniepoint’s regulatory infrastructure and provide a platform for expansion in the UK and potentially across Europe.
However, Moniepoint has now decided to redirect those resources towards markets where it believes it can achieve greater scale.
Cross-Border Infrastructure to Be Repurposed
According to the fintech, the MonieWorld experience nevertheless delivered an important strategic benefit by demonstrating its ability to develop and operate cross-border payment infrastructure.
“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,” the company said.
The move suggests that Moniepoint does not view the UK venture as a complete failure, but rather as an investment that helped build capabilities that can now be deployed elsewhere.
Nigeria Remains Core Market
Nigeria remains at the heart of Moniepoint’s growth strategy.
The fintech has built one of the country’s largest financial technology platforms serving businesses and merchants, offering payment, banking and financial services to small and medium-sized businesses.
Its microfinance bank processed transactions worth hundreds of billions of dollars in 2025, while its Monnify platform continues to facilitate online and business-to-business payments.
Moniepoint has also expanded its Nigerian portfolio through acquisitions, including restaurant technology company Orda, strengthening its reach into different segments of the business economy.
Kenya Emerges as Key Growth Market
Beyond Nigeria, Kenya is becoming an increasingly important market for Moniepoint.
The company acquired a 78% stake in Sumac Microfinance Bank, giving it a regulatory foothold in East Africa’s largest economy.
It subsequently appointed Rose Muturi as chief executive of its Kenyan operations as it moved to expand its presence in the country.
The strategy indicates that Moniepoint is not abandoning international expansion altogether. Instead, the company appears to be concentrating its resources on African markets where its payments, business banking and lending capabilities can be deployed at greater scale.
MonieWorld Customers to Receive Transition Updates
Moniepoint said existing MonieWorld customers will continue to receive updates throughout the wind-down process.
The updates will cover the shutdown timeline, outstanding transactions and access to customer funds.
The company has not yet announced a firm date for completing the closure.
Employees affected by the decision are expected to undergo a combination of role changes and redeployment, with Moniepoint saying most members of the MonieWorld team will transition into other parts of the group.
A Strategic Reset
The closure of MonieWorld highlights the challenges fintech companies face when expanding into highly regulated international markets.
For Moniepoint, the decision represents a strategic reset rather than a retreat from growth.
By withdrawing from the UK remittance market and redeploying the technology and expertise developed through MonieWorld, the company is placing greater emphasis on markets where it already has scale and established regulatory and commercial infrastructure.
With Nigeria and Kenya emerging as the centrepieces of its African strategy, Moniepoint’s next phase will likely focus on deepening its financial services offering to businesses while using its cross-border technology capabilities to support growth across the continent.
