Nigerian fintech giant Moniepoint has launched MonieWorld, a new platform aimed at the UK–Nigeria remittance corridor. This move signals Moniepoint’s entry into the diaspora banking sector and its broader ambition to serve Africans globally while reducing dependence on Nigeria’s volatile economic and regulatory landscape.
MonieWorld begins with remittances but positions itself as more than just a money transfer service. According to the company’s CEO, the goal is to create a complete banking experience for immigrants, starting with the UK. The platform is designed to help users manage responsibilities back home while building financial stability abroad.
The UK–Nigeria remittance space is already crowded, with players like LemFi, Send, and NALA. However, Moniepoint is betting on its robust infrastructure and operational scale to provide competitive services. While price competitiveness is an advantage, Moniepoint is focused on delivering value through a broader service suite designed specifically for immigrants.
MonieWorld marks a significant step in Moniepoint’s strategy to diversify its operations. In 2023 alone, the company processed over five billion transactions, cementing its status as a major player in Nigeria’s financial ecosystem. But with local economic challenges and regulatory uncertainties, the fintech is looking outward. Plans are already underway to expand MonieWorld’s offerings to other regions, including Kenya, in a bid to serve African diasporas worldwide.
This expansion is backed by solid investor confidence. Moniepoint recently secured $110 million in funding from notable backers including Google and Visa. The launch of MonieWorld underscores the company’s long-term vision to build a global financial platform that addresses the unique needs of African immigrants and connects them seamlessly to their home countries.
