Moniepoint has announced the closure of its UK-based remittance platform, MonieWorld, just 14 months after launching the service to enable Nigerians and other Africans in the United Kingdom to send money home.
The fintech company launched MonieWorld in April 2025, allowing customers in the UK to transfer funds directly into Nigerian bank accounts. However, the company has now decided to wind down the platform and concentrate its resources on its core operations in Africa.
Moniepoint said the decision was part of a strategy to direct its technical, financial and operational resources towards strengthening and expanding its main platform for African businesses.
According to the company, MonieWorld recorded a 70 per cent rise in monthly transaction volumes among users in the UK diaspora before the decision to discontinue the service.
Despite the growth recorded by the platform, the UK-Africa remittance market is considered highly competitive, with several established players already operating in the space.
Moniepoint had also strengthened its presence in the UK after acquiring an Electronic Money Institution licence from the Financial Conduct Authority through its $2.5 million acquisition of Bancom Europe in July 2025.
However, the company determined that achieving a significant position in the UK-Africa remittance market would require substantial and sustained investment, resources it believes could generate greater value in its core African markets.
MonieWorld operated alongside major remittance and fintech platforms such as NALA, LemFi, Flutterwave’s Send App, Wise and WorldRemit.
The UK-Nigeria remittance corridor remains an important channel for foreign inflows into Nigeria. The country reportedly received $22.8 billion in personal remittances in 2025.
Moniepoint said it would now place greater emphasis on markets such as Nigeria and Kenya, where it already operates across payments, banking, credit and business management services.
The company said its wider platform serves millions of businesses and individuals, while its payments infrastructure subsidiary, TeamApt, provides services to more than 24 banks and financial institutions.
The assets linked to MonieWorld, including its UK regulatory infrastructure and customer base, are reportedly expected to be made available to potential buyers as the company completes the wind-down of the service.
READ ALSO:
- Nigerian Man Jailed 44 Weeks for Masturbating in Front of Woman on UK Train.
- Wike Has Tinubu’s Backing For Rainbow Coalition
- NDLEA seizes N3.4bn worth of drugs, arrests fake police officer, others
- Akpabio prays in Italy for peaceful 2027 polls, end to banditry and terrorism
- Catholic Bishops Reject Foreign Aid Regulation Bill
