Moniepoint is shutting down its UK-focused remittance service, MonieWorld, just 14 months after entering the UK-Africa money transfer market, as the Nigerian fintech redirects investment and operational resources towards its core African businesses.
The company launched MonieWorld in April 2025 to enable Africans living in the UK to send money to family members and businesses across Africa. Moniepoint has now decided to discontinue the service following a review of its technical, financial and operational priorities.
In a statement shared with Big Tech This Week, Moniepoint said the move would allow it to concentrate resources on developing and expanding its main platform for African businesses. The company said MonieWorld had nevertheless achieved a 70% increase in monthly transaction volumes among UK-based diaspora customers before the decision to wind down the service.
The withdrawal comes as Moniepoint faces an established and highly competitive UK Nigeria remittance market. Nigeria received $22.8 billion in personal remittances in 2025, with the UK remaining one of the country’s important sources of money sent from abroad.
Moniepoint’s entry into the corridor placed it alongside established fintech remittance companies including NALA, LemFi, Send App and Wise, as well as traditional money transfer providers. Competing in the market requires substantial investment in regulatory compliance, technology, customer acquisition and cross-border payment infrastructure.
The company had also invested in establishing a regulatory presence in the UK. In July 2025, Moniepoint acquired Bancom Europe for $2.5 million, giving it access to an Electronic Money Institution licence authorized by the UK’s Financial Conduct Authority.
Despite securing the regulatory infrastructure needed to operate in the market, Moniepoint has opted not to continue expanding its remittance business in the UK. Sources cited by Big Tech This Week indicate that MonieWorld could be offered to potential buyers, creating the possibility of another operator taking over its infrastructure, regulatory capabilities and customer base.
The decision marks a change in strategy for a fintech whose primary growth has been centered on African businesses and financial institutions. Moniepoint operates across areas including payments, business banking, lending, bookkeeping and financial management.
In Africa, the company is continuing to expand its operations. Its Nigerian business includes TeamApt, Monnify, Moniepoint Microfinance Bank and Moniebook, providing payment processing, business banking, lending and business management services.
Moniepoint has also expanded into Kenya through its acquisition of a 78% stake in Sumac Microfinance Bank, strengthening its presence in the East African financial services market.
The company’s decision to leave the UK remittance market highlights the competitive pressures facing fintech’s attempting to establish themselves in international money transfer corridors. Although the UK-Africa market provides access to significant remittance flows, competing effectively requires more than payment infrastructure, with customer trust, pricing, reliability, compliance and established distribution networks playing a major role.
For Moniepoint, the withdrawal allows the company to concentrate capital and technical resources on markets where it already has established operations and customer relationships. The fintech said it is redirecting the resources previously allocated to MonieWorld towards its primary African markets.
The potential sale of MonieWorld could also allow another financial technology company to enter or expand within the UK-Africa remittance market using an existing regulatory and operational foundation rather than building the infrastructure from scratch.
Moniepoint’s exit therefore represents a strategic retrenchment rather than a broader withdrawal from international financial services. The company remains focused on expanding its African financial infrastructure, particularly services designed to support businesses and financial institutions across the continent.
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