Moniepoint Inc. has announced plans to transition its UK-based remittance business, MonieWorld, as the fintech company shifts capital and resources towards its core financial platform serving African businesses.
The company disclosed this in a statement on Tuesday, explaining that the decision followed a review of its business portfolio and long-term strategic priorities.
MonieWorld was launched in April 2025 to enable Nigerians living abroad to send money directly to bank accounts in Nigeria.
According to the company, the service gained significant traction following its launch, with monthly transaction volumes among UK-based diaspora users rising by 70%. Customers made payments through cards, Apple Pay and Google Pay.
Despite the early success of MonieWorld, Moniepoint said it would redirect the technical, financial and operational resources developed through the business towards its core markets across Africa.
The fintech company said its expansion into the UK began with the incorporation of Moniepoint GB in February 2024, followed by £1.2 million in initial investment. The expenditure covered administrative costs, technology infrastructure and compliance staffing needed to operate within the UK’s regulated financial services market.
Moniepoint also secured a $2.5 million equity deposit in July 2025 to facilitate the acquisition of Bancom Europe Ltd, an Electronic Money Institution authorised by the UK Financial Conduct Authority.
“These foundation investments enabled the launch of MonieWorld in April 2025, which quickly gained traction including recording a 70% increase in monthly transaction volume among the UK diaspora using cards, Apple Pay, and Google Pay.
“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 stated.
The transition will involve changes to some roles and the redeployment of employees, with affected staff already notified and provided with support throughout the process.
Moniepoint said customers would continue to receive updates on the transition timeline, next steps and available support for any outstanding funds or transactions as the process unfolds over the coming weeks.
Moniepoint said the decision is part of its broader strategy to focus on developing financial products and infrastructure for African businesses, rather than a withdrawal from its international ambitions.
Moniepoint Microfinance Bank currently serves millions of small and medium-sized businesses, organisations and retail customers across Nigeria.
Its payment infrastructure subsidiary, TeamApt, provides services to more than 24 banks and financial institutions, while Monnify operates a payment gateway used by thousands of businesses.
The group also operates Moniebook, a business management platform designed to help merchants manage and grow their businesses.
