LONDON, UK: Nigerian fintech company Moniepoint is winding down MonieWorld, its UK-focused remittance service, less than two years after launching the platform to serve Nigerians living in the United Kingdom.
The decision follows a review of Moniepoint’s product portfolio and long-term priorities, with the company now redirecting its technical, capital and operational resources towards its core markets in Africa, particularly Nigeria and Kenya.
MonieWorld was launched in April 2025 as Moniepoint’s first major consumer-focused expansion outside Africa, allowing UK-based users to send money to Nigeria.
Despite the decision to wind down the service, Moniepoint said MonieWorld had recorded a 70% increase in monthly transaction volumes among UK-based diaspora users. The company has not, however, publicly disclosed the total value of transactions or revenue generated by the UK operation.
The fintech said most affected employees are expected to be redeployed to other departments within the business, rather than leaving the company entirely.
The move marks a significant change in strategy for Moniepoint, which had invested heavily in establishing a presence in the UK. The company spent at least $3.77 million on its UK expansion between February and December 2024, according to TechCabal.
Moniepoint is now concentrating more heavily on its established African operations, where it provides payments, banking, lending and business-management services.
The exit also highlights the intense competition in the UK-Nigeria remittance market, where MonieWorld competed with established fintech platforms and traditional money-transfer providers.
For Nigerians in the UK who used MonieWorld to send money home, the wind-down means they will need to make alternative arrangements as the company transitions away from the UK remittance business.
