Moniepoint, Africa’s all-in-one financial ecosystem, helping 10 million businesses and individuals access seamless payments, banking, credit, amongst others, had entered the UK market with the launch of a new remittance platform called “MonieWorld”.
The MonieWorld application, available via the App Store and Google Play, allows UK customers to send money to Nigeria seamlessly making financial transactions easier.
Remittances are a material contributor to Nigeria’s economy, significantly contributing to its GDP, foreign exchange reserves, and household welfare. In 2023, Nigeria received approximately $20.5 billion in remittances, accounting for about 6% of its GDP, according to World Bank data. Global remittances to Nigeria rose 9% in 2024 to $20.98 billion, with the UK diaspora contributing 50%, helping to grow businesses, support families, and drive economic development.
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These inflows, primarily from the Nigerian diaspora in countries like the United States, United Kingdom, and Canada, make Nigeria one of the top remittance recipients in Sub-Saharan Africa. They supplement foreign direct investment while supporting household consumption and foreign exchange liquidity.
With a significant percentage of remittance coming from the UK, Moniepoint’s expectation is that MonieWorld will enhance financial access for everyone involved, boosting UK-Nigeria bilateral trade and benefiting the global economy.
Speaking on the launch of the remittance platform in the UK, Moniepoint CEO Tosin Eniolorunda said,
“The launch of MonieWorld is an exciting step on our journey to create financial happiness and support Africa’s entrepreneurial potential. It is a natural addition to our existing suite of solutions and will be hugely valuable for customers. It makes it easy, quick, and reliable to send remittances – a critical source of funds for Nigeria’s economy.
“The African diaspora needs a one-stop solution to better meet its financial service’s needs – and improve on the current fragmented market. I am thrilled Moniepoint is tackling this challenge and can’t wait to announce future additions to the MonieWorld solution. Our expectation is that MonieWorld will enhance financial access for everyone involved, boosting UK-Nigeria bilateral trade and benefiting the global economy.”
MonieWorld makes it easy for the fast-growing Nigerian diaspora in the UK to send remittances quickly, reliably, and cost-effectively. Transactions are usually complete in seconds, competitive exchange rates are adjusted throughout the day, and no transaction fees are charged. Customers can pay for services via various methods which include, bank transfers, debit/credit cards, and mobile payment services such as Apple Pay and Google Pay.
Post-launch, MonieWorld will expand to a fully-fledged finance platform purpose-built for the African diaspora, with further solutions added in due course. Notably, Moniepoint’s end-to-end control over the payment process, plus its robust technology infrastructure, guarantees industry-leading reliability for customers – a major competitive advantage for MonieWorld.
Moniepoint is the leading financial platform for Nigeria’s vast network of SME businesses and their consumers with its integrated suite of services digital payments, bank accounts, credit, and management tools. The company processes 1 billion+ transactions monthly, with a total payment volume of over $22 billion. It serves ten million businesses and individuals across Nigeria, driving financial inclusion efforts.
Moniepoint launch of a remittance product comes after the fintech company secured $110 million in a Series C funding round, led by Development Partners International (DPI) in October 2024, and announced a strategic investment from Visa in January 2025.
The company announced that the capital raised will accelerate its growth across Africa, as it builds an all-in-one, seamlessly integrated platform for African businesses of all sizes. This platform will include services such as digital payments, banking, cross-border payments, credit, and business management tools, making it a one-stop shop for business solutions.
As the fintech landscape continues to evolve rapidly, driven by a dynamic ecosystem and a focus on bridging the financial inclusion gap, Moniepoint has been successful in helping Africans on the continent with the tools they need to manage their finance and grow their businesses. Notably, the company is currently making this possible for every African everywhere.