Fintech giant, Moniepoint Inc. is shutting down its UK-based remittance platform, MonieWorld, to redirect its capital, technical, and operational resources back toward its core financial services across Africa.
Launched in April 2025 to enable Nigerians in the diaspora to send money directly to home accounts, MonieWorld quickly found its footing. According to reports, the service recorded a 70% surge in monthly transaction volumes among UK users paying via cards, Apple Pay, and Google Pay.
The UK expansion began with the incorporation of Moniepoint GB in February 2024, followed by £1.2 million in administrative, technological, and compliance setup costs. The group subsequently secured a $2.5 million equity deposit in July 2025 to acquire Bancom Europe Ltd, an Electronic Money Institution authorized by the UK Financial Conduct Authority.
Despite validating its cross-border infrastructure and serving thousands of diaspora users, leadership decided to pull the plug following a portfolio and long-term priority review.
“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 stated.
The wind-down will impact staff, with Moniepoint confirming that affected employees have already been informed and are receiving support through role changes and redeployment. Meanwhile, active customers are being provided with transition timelines and dedicated assistance for any funds or transactions currently in progress.