In April 2025, Moniepoint launched MonieWorld, its remittance product that allows UK residents to send money directly from a MonieWorld account, cards, a British bank account, or via Apple Pay and Google Pay to any Nigerian bank account. At the time, the company was targeting a slice of the  £2.76 billion ($3.69 billion) UK-Nigeria remittance market.

“MonieWorld has given Nigerians in the diaspora a fast and reliable way to send money directly to any Nigerian bank account, supporting friends and family back home,” the company said in the statement.

However, Moniepoint is now phasing out its UK remittance product less than two years after launching, marking a retreat from its first foray outside Nigeria that required millions of dollars in upfront investment.

Rather than continue funding the UK business, Moniepoint is redirecting its resources to Nigeria, where it processed $294 billion in annualised transactions in 2025, and Kenya, where it acquired a majority stake in a microfinance bank in May.

The company said MonieWorld was built on an intentional foundation of early-stage investment following the incorporation of Moniepoint GB in February 2024.

“The Group committed £1.2 million in setup expenditure covering administrative costs, tech infrastructure, and compliance staffing necessary to operate within the UK’s regulated market and secured a $2.5 million equity deposit to acquire FCA-authorized Electronic Money Institution Bancom Europe Ltd in July 2025,” it said. 

The Bancom deal was meant to fast-track Moniepoint’s UK play and clear regulatory hurdles for operations across the UK and the European Economic Area. According to UK regulatory filings in 2025, Moniepoint Group earmarked $7.39 million for its London expansion.

Between February and December 2024, it spent $1.26 million, reported as a loss, on administrative and infrastructure expenses, and another $2.51 million as an equity deposit for its acquisition of Bancom, an electronic money institution regulated by the UK’s Financial Conduct Authority (FCA).

“Despite the trading loss, demand for remittance services in the market has remained stable, supported by the strong and consistent flow of funds from the UK to Nigeria,” the company wrote in the regulatory filings.

Moniepoint said in its Tuesday statement that MonieWorld recorded a 70% increase in monthly transaction volume among the UK diaspora using cards, Apple Pay, and Google Pay. 

“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,” it said.

It did not disclose how much money MonieWorld processed or how many customers it acquired.

The company confirmed MonieWorld will still process funds and customers will receive communication throughout the transition, including guidance on timelines, next steps, and support for any funds or transactions in progress.

Moniepoint added that most of the MonieWorld team will be redeployed to other departments. 

“Changes arising from the MonieWorld decision will involve a combination of role transitions and redeployment, with affected employees already informed and supported through the process. Further changes will take place over the coming weeks,” it said.

The company did not give a clear timeline for the transition process. Even as it discontinues its UK remittance play, Moniepoint is not abandoning international expansion altogether. Instead, it said it is focusing on Africa.

“The company’s next chapter will build on this principle, with continued investment in products, infrastructure and markets that strengthen African businesses,” it said.

In May, Moniepoint completed its acquisition of a 78% stake in Kenya’s Sumac Microfinance Bank, ending a multi-year effort to secure a foothold in East Africa’s largest economy. In July, it appointed Rose Muturi, former Branch Kenya CEO, as the chief executive for Kenya.

Moniepoint, best known for its blue Point-of-Sale devices used by thousands of agents across Nigeria to dispense cash, is doubling down on what works: Nigeria, where it recently acquired Orda, a cloud-based restaurant software provider, and Kenya, where it already has established operations and regulatory footholds.

True scale demands moving beyond surface-level integrations to robust execution. We’ve filtered the noise out of Moonshot 2026, optimising the conference strictly for high-calibre connections between startup founders, global financial operators, enterprise leaders and individuals rewiring Africa’s technical frameworks.
Get 20% off Early Bird tickets for a limited time.