Nigerian fintech unicorn Moniepoint has announced plans to shutdown MonieWorld, its UK-based remittance product, less than 18 months after launch.
The company announced the move on August 25, 2026, following a review of its portfolio and long-term priorities. It disclosed that resources will now shift toward scaling its core platform for African businesses, particularly in Nigeria and Kenya.
In a statement shared with TechCabal the company said,
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“Moniepoint, Africa’s all-in-one financial platform, today announced that MonieWorld, its UK-based remittance business, is undergoing a strategic transition as the Group refocuses its resources on building and scaling its core platform for African businesses”.
Following the shutdown of Monieworld, several industry observers across social media, described the move as a strategic decision, pointing to the thin margins and intense competition that characterize the remittance business.
Others highlighted the difficulty of competing with established players such as LemFi in the UK market. According to them, a new entrant would need to offer highly competitive exchange rates while maintaining multiple service rails to ensure continuity during downtime.
For Moniepoint, the closure of MonieWorld could therefore represent a strategic decision to redirect resources toward areas where the company sees stronger opportunities, rather than simply a setback in its broader fintech expansion strategy.
MonieWorld launched in April 2025 as Moniepoint’s first major offering outside Africa. It allowed UK residents primarily members of the Nigerian diaspora to send money directly to any Nigerian bank account using a MonieWorld account, UK bank cards, bank transfers, Apple Pay, or Google Pay.
Speaking on the launch of the remittance platform, Moniepoint CEO Tosin Eniolorunda said the platform was rolled out to support Africa’s entrepreneurial potential.
He further stated that the African diaspora needed a one-stop solution to better meet its financial service’s needs and improve on the current fragmented market.
The product targeted a share of the substantial UK-to-Nigeria remittance corridor, estimated at around £2.76 billion ($3.69 billion).
At launch, Moniepoint positioned MonieWorld as a fast, reliable, and competitive option for diaspora users supporting families and businesses back home.
The company reported early traction, including a 70% increase in monthly transaction volume among UK users paying via cards, Apple Pay, and Google Pay. It delivered value to thousands of customers and helped validate cross-border infrastructure.
Building the UK presence required significant investment. Moniepoint GB was incorporated in February 2024. The group committed about £1.2 million in setup costs for administration, technology, and compliance staffing.
It also secured a $2.5 million equity deposit to acquire Bancom Europe Ltd, an FCA-authorised Electronic Money Institution, in July 2025. Overall, Moniepoint earmarked roughly $7.39 million for its London expansion, with notable spending recorded in 2024 regulatory filings.
Despite the traction and infrastructure built, Moniepoint decided the returns did not justify continued focus on the competitive UK remittance market.
The shift prioritises markets where Moniepoint already has substantial scale. In Nigeria, the company processed $294 billion in annualised transactions in 2025. In Kenya, it acquired a majority stake (78%) in Sumac Microfinance Bank and appointed a local CEO.
Most of the MonieWorld team is expected to be redeployed within the group, with role transitions already underway and further changes planned over the coming weeks. The company has not provided a precise shutdown timeline.
This decision marks a recalibration rather than a full retreat from international ambitions. Moniepoint emphasised continued investment in products, infrastructure, and markets that strengthen African businesses.
The move underscores the challenges of competing in established diaspora remittance corridors against more specialised players, while highlighting the strength of Moniepoint’s domestic and regional African operations.
By consolidating efforts closer to home, the fintech aims to deepen its dominance in high-volume African markets where it has proven product-market fit and regulatory footholds.