Moniepoint Shuts Down UK Remittance Service to Refocus on Africa

Nigerian fintech unicorn Moniepoint has discontinued its UK-based remittance service, MonieWorld, less than two years after launching the business. The company is now redirecting resources towards its core operations and expansion across African markets.

MonieWorld was launched in April 2025 to serve the Nigerian diaspora in the UK and tap into the UK-Nigeria remittance market. Moniepoint had invested in establishing the business, including acquiring Bancom Europe Ltd as part of the regulatory process needed to operate in the market.

Regulatory filings showed that the company had committed $7.39 million towards its London expansion. The investment included £1.2 million in setup costs and a $2.5 million equity deposit linked to the Bancom acquisition.

The decision to close the service does not appear to have been driven solely by customer activity. Moniepoint reported a 70% increase in monthly transaction volumes among users making payments through cards and digital wallets, although it did not disclose total customer numbers or transaction values.

Refocusing Resources on African Markets

Moniepoint is now shifting the technical, financial and operational resources developed for MonieWorld towards its African business.

The company already has significant scale in Nigeria, where it processed $294 billion in annualised transactions in 2025. Its decision to withdraw from the UK therefore points to a strategy centred on expanding in markets where it already has an established presence and where it sees opportunities for further growth.

Beyond Nigeria, Moniepoint has been building its position in East Africa. The company recently acquired a 78% majority stake in Kenya's Sumac Microfinance Bank, giving it a regulated foothold in one of the region's largest financial markets. The acquisition forms part of Moniepoint's broader push to expand its financial services beyond Nigeria.

Managing the MonieWorld Shutdown

Moniepoint said it has put arrangements in place to manage the closure of MonieWorld and will communicate directly with customers about the process. Existing funds will continue to be processed as the company winds down the service.

Most employees working on MonieWorld are also expected to be redeployed within the wider Moniepoint group, allowing the company to retain staff and technical expertise developed through the UK operation.