Moniepoint exits UK remittance market after $2.5m investment

Moniepoint says it has suspended MonieWorld, its UK-based remittance business, redirecting resources to its core African markets after investing more than $2.5 million in the UK operations.

The company, in a statement on Tuesday, said the decision followed a review of its portfolio and long-term priorities.

The financial technology (fintech) firm said the move would allow it to concentrate its technical, capital, and operational resources on its primary African markets.

MonieWorld was launched in April 2025 to enable Nigerians in the diaspora to send money directly to bank accounts in Nigeria.

Moniepoint said the business gained traction after its launch, recording a 70 percent increase in monthly transaction volume among UK diaspora users making payments with 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 said.

Moniepoint said the transition would affect its workforce, with changes involving a combination of role transitions and redeployment.

“Affected employees [have] already [been] informed and supported through the process,” the company said.

The fintech company said further changes would occur over the coming weeks, noting that customers will continue to receive information about the transition.

“MonieWorld customers will continue to receive clear and timely communication including guidance on timelines, next steps and support for any funds or transactions in progress,” the statement further reads.

The company promised to continue investing in its people and capabilities while building its next phase of growth.

Moniepoint is one of the Nigerian fintechs that investedin the UK’s regulated financial market.

Following the incorporation of Moniepoint GB in February 2024, the company said it committed £1.2 million in setup expenditure covering administrative costs, technology infrastructure, and compliance staffing.

Moniepoint said it secured a $2.5 million equity deposit to acquire Bancom Europe Ltd, a Financial Conduct Authority-authorised electronic money institution, in July 2025.

The investments, the company said, provided the foundation for MonieWorld and its cross-border infrastructure.

Moniepoint said its focus since inception has been on developing financial products and infrastructure to help African businesses start, operate, and grow.

Its Nigerian operations include Moniepoint Microfinance Bank, which serves millions of small and medium-sized businesses, organisations, and retail users.

According to the statement, TeamApt, its payment infrastructure subsidiary, powers more than 24 banks and financial institutions, while Monnify provides payment gateway services to thousands of businesses.

Moniebook, another subsidiary, provides merchants with tools to manage and grow their businesses.

The company said the next phase of its growth would involve continued investment in products, infrastructure, and markets that strengthen African businesses.

Moniepoint said it currently helps more than 20 million businesses and individuals access payments, banking, credit, cross-border and business management tools monthly.

Through its subsidiaries, the fintech said it processes more than $250 billion in digital payment transaction value annually.