Moniepoint Focuses on Home Turf as UK Expansion Ends
Nigerian fintech unicorn Moniepoint is discontinuing its international remittance product, MonieWorld, less than two years after launching it in the United Kingdom.
The move signals a strategic shift for the company, which spent millions building infrastructure to serve the diaspora market. While MonieWorld showed promise with 70% monthly user growth and competitive exchange rates, Moniepoint determined that resources would be better allocated to its core African operations.
Financial Commitment
Moniepoint invested heavily in its UK expansion:
- $1.26 million on administrative and infrastructure costs by December 2025
- $2.51 million to acquire Bancom Europe, a UK electronic money institution
- Total earmarked investment: $7.39 million
Strategic Rationale
Despite MonieWorld’s growth potential in the £2.76 billion (USD 3.69 billion) UK-Nigeria remittance corridor, Moniepoint cited a need to prioritize its existing strengths:
- Processed $294 billion in annualised transactions in Nigeria in 2025
- Expanding data operations through acquisitions like Orda
- Strengthening presence in Kenya with Sumac Microfinance Bank acquisition
The company is betting on deepening its footprint in markets where it already has a significant advantage rather than competing in new territories.