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MonieWorld launched on April 16, 2025, through Moniepoint’s UK subsidiary, Moniepoint GB.
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The service was designed as the first step towards a broader financial-services platform for Africans in the diaspora.
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Moniepoint says monthly transaction volumes among UK diaspora users paying through cards and mobile wallets rose 70%.
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The company has not disclosed MonieWorld’s revenue, profitability, total transaction value or customer numbers.
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Moniepoint says most employees working on the product will be redeployed within the group as the service is wound down.
August 26, (THEWILL) — Moniepoint is winding down MonieWorld, its UK-based remittance product, following a review of its portfolio and long-term priorities, ending a market entry that began with plans to build a broader financial-services platform for Africans in the diaspora.
The company told customers on August 25 that MonieWorld was entering a transition period as Moniepoint redirected strategic resources towards financial tools for businesses across Africa. The service remains operational for now, with customers expected to receive further information about the closure timeline and any changes affecting their accounts and transactions.
MonieWorld launched on April 16, 2025, through Moniepoint GB. It allowed customers in the UK to send pounds directly to Nigerian bank accounts using bank accounts and cards, as well as Apple Pay and Google Pay. In an early TechCabal test, a £1 transfer reached a Moniepoint account in 17 seconds.
The proposition was broader than speed. Moniepoint described MonieWorld as the first step towards a financial-services platform for the African diaspora, with plans to add products beyond remittances. At launch, founder and group chief executive Tosin Eniolorunda said the company wanted to create a “one-stop solution” for the diaspora rather than operate only as a money-transfer provider.
A Costly UK Experiment Gives Way To African Markets
Early usage did not point to a product without demand. Moniepoint says monthly transaction volume among UK diaspora users making payments through cards, Apple Pay and Google Pay increased by 70%. The company also said thousands of diaspora users had received value through the service.
However, Moniepoint has not disclosed the revenue generated by MonieWorld, the total value transferred, customer acquisition costs or whether the business was profitable. Transaction growth, therefore, does not establish that the product had reached commercial viability.
Remittance providers compete on fees, foreign-exchange rates, customer acquisition and transaction frequency. MonieWorld also entered the UK-Nigeria corridor alongside established operators, offering multiple ways for customers to send money home. Building the regulatory, payments and compliance infrastructure required to operate in the UK added another layer of cost.
Moniepoint invested heavily in that infrastructure. Moniepoint GB was incorporated in February 2024, while the group spent about £1.2 million on administrative expenses, technology infrastructure and compliance staffing required to establish the UK business, according to company information reported by Nigeria CommunicationsWeek. The group also committed a $2.5 million equity deposit linked to the acquisition of Bancom Europe Ltd, a UK-authorised electronic money institution.
Moniepoint says the infrastructure will not simply disappear with the consumer product. The company said it had “validated its cross-border infrastructure” and would redirect the technical, capital and operating resources developed through MonieWorld towards its primary African markets.
Also, the decision also follows a period of increased funding for the group. Moniepoint completed its Series C funding round in October 2024 and later expanded the round to $200 million. Visa invested in the company in January 2025. Moniepoint said the capital would support growth in Africa and international markets.
By the time MonieWorld launched, Moniepoint already had substantial scale in Nigeria. The company said in 2025 that it served more than 10 million active businesses and personal banking customers and processed more than $250 billion in annual digital payment transaction value. Those figures apply to the wider group, not MonieWorld, and do not establish how the UK product performed.
For Moniepoint, the strategic calculation is now more closely tied to markets where it already has customers, distribution and regulatory infrastructure. The company has also been expanding elsewhere in Africa, including Kenya, where it acquired a majority stake in Sumac Microfinance Bank.
Meanwhile, the transition will affect the team that built MonieWorld. Moniepoint says most employees working on the product will be redeployed to other parts of the group, rather than leaving the company. Customers have not yet been given a final closure date and can continue using the service during the transition.
MonieWorld’s shutdown does not, by itself, change the size of Nigeria’s remittance market or establish that cross-border payments are unattractive.
It does show that Moniepoint has chosen to stop funding one international consumer product after roughly 16 months and redirect the resources behind it towards markets where the group already operates at scale.
Joy Onuorah is a business journalist and brand communications specialist covering financial markets, artificial intelligence, digital economy, and the ideas reshaping business across Africa and the global market. Beyond her reporting for TheWill, Joy uses brand strategy, storytelling, copywriting, and high-value SEO to help brands build lasting market authority.
