Moniepoint Halts MonieWorld UK Remittance Service After 14 Months

By Adedapo Adesanya

Moniepoint has halted operations of its UK-based remittance service, MonieWorld, 14 months after launching the platform to serve Nigerians and other Africans in the United Kingdom.

The fintech entered the UK remittance market in April 2025 with MonieWorld, enabling Nigerians in the UK to send money directly to bank accounts in Nigeria. However, the company has now decided to wind down the service and redirect its resources to its core markets in Africa.

According to Moniepoint, the decision is a deliberate move to focus its technical, capital and operational resources on building and scaling its core platform for African businesses.

The company said MonieWorld recorded a 70 per cent increase in monthly transaction volume among UK diaspora users before the decision to wind down the service.

However, Business Post gathered that other factors may have instructed the exit after just one year. One such is that the UK-Africa remittance corridor may have proven more competitive than anticipated, and it was also reported elsewhere that MonieWorld was being marketed to potential buyers.

Moniepoint had acquired an Electronic Money Institution licence from the Financial Conduct Authority after purchasing Bancom Europe for $2.5 million in July 2025. Despite the regulatory foothold, the company concluded that becoming a significant player in the UK-Africa remittance market would require sustained capital investment that could be deployed more effectively elsewhere.

MonieWorld entered a market already populated by established remittance and fintech companies, including NALA, LemFi, Flutterwave’s Send App, Wise and WorldRemit.

The sector is highly competitive, with established operators benefiting from existing customer bases, brand recognition, regulatory infrastructure and years of experience serving African diaspora communities.

Moniepoint’s exit comes despite the broader attractiveness of the remittance market. Nigeria received $22.8 billion in personal remittances in 2025, while the UK-Nigeria corridor remains one of the country’s major sources of inflows.

The company is now redirecting its focus towards Nigeria and Kenya, where it has established operations across payments, banking, credit and business management.

Moniepoint said its broader platform serves millions of businesses and individuals, while its payments infrastructure subsidiary, TeamApt, powers more than 24 banks and financial institutions.

The assets associated with MonieWorld, including its UK regulatory infrastructure and customer base, are expected to be offered to potential buyers rather than simply abandoned.