Moniepoint is winding down its UK-focused remittance service, MonieWorld, just 14 months after entering the UK-Africa money transfer market, as the Nigerian fintech redirects resources towards its core business operations in Africa.
The decision comes amid intense competition in the UK-Nigeria remittance corridor, one of the most active channels for money transfers to Africa. Nigeria received $22.8 billion in personal remittances in 2025, while the UK has historically ranked among the country’s largest sources of inward remittances.
Moniepoint launched MonieWorld in April 2025, seeking to serve Africans in the UK sending money to family and businesses across Africa. However, the company has now decided to discontinue the service as it reassesses where its technical, operational and financial resources can deliver the greatest impact.
In a press release shared with Big Tech This Week, Moniepoint described the wind-down as “a deliberate decision to focus resources on building and scaling its core platform for African businesses.” The company said MonieWorld had recorded a 70% increase in monthly transaction volumes among UK diaspora users.
Moniepoint added that it was “redirecting this technical, capital, and operational architecture toward its primary African markets.”
According to sources cited by Big Tech This Week, the UK-Africa remittance market proved more competitive than Moniepoint had anticipated. The service is reportedly being marketed to potential buyers, which could allow another operator to acquire its existing infrastructure, regulatory capabilities and customer base.
The company had strengthened its position in the UK market in July 2025 by acquiring Bancom Europe for $2.5 million, securing an Electronic Money Institution licence authorised by the UK Financial Conduct Authority. Despite this regulatory foothold, Moniepoint ultimately determined that becoming a significant player in the remittance market would require continued investment in compliance, operations, technology and customer acquisition.
The exit highlights the challenges facing fintech companies attempting to compete in the increasingly crowded UK-Africa remittance market. MonieWorld entered a sector already populated by established players such as NALA, LemFi, Send App and Wise, alongside traditional remittance operators and other regulated financial technology companies.
These competitors have spent years building customer relationships and refining products around the specific needs of African diaspora communities. Their established brands, regulatory infrastructure and customer bases create significant barriers for newer entrants seeking to persuade users to switch from services they already trust.
Although the UK-Africa corridor represents a substantial opportunity, remittance is heavily influenced by customer trust and established habits. Users often prioritise familiar exchange rates, predictable delivery times, reliability and ease of use, making customer acquisition particularly challenging for new market entrants.
Moniepoint’s decision is therefore significant given the scale of its wider operations. The company is one of Nigeria’s major merchant-acquiring and business-finance platforms, with operations spanning payments, banking, lending, bookkeeping and business management.
The fintech is now redirecting its attention towards its African markets, particularly Nigeria and Kenya. In Kenya, the company has expanded through its acquisition of a 78% stake in Sumac Microfinance Bank, while its Nigerian operations include TeamApt, Monnify, Moniepoint Microfinance Bank and Moniebook.
Moniepoint’s payments infrastructure subsidiary, TeamApt, serves banks and financial institutions, while Monnify provides payment gateway services to businesses. Moniepoint Microfinance Bank focuses on small and medium-sized enterprises, with Moniebook adding bookkeeping and business-management capabilities.
The company is also expected to seek buyers for MonieWorld’s assets rather than simply abandoning them. These assets include its UK regulatory licence, Bancom Europe infrastructure and existing customer base, potentially making the business attractive to a specialised remittance operator seeking an established presence in the UK.
Moniepoint’s withdrawal illustrates the difference between identifying a large market opportunity and successfully building a sustainable position within it. While the UK-Africa remittance corridor continues to offer significant potential, the level of competition and cost of acquiring and retaining customers can make the market difficult even for well-funded fintechs.
For Moniepoint, the decision represents a strategic shift back towards its core African business, where it already has an established customer base, infrastructure and product ecosystem. Rather than continuing to commit resources to a highly competitive overseas market, the company is choosing to concentrate investment on the financial tools and services supporting businesses across Africa.
