Moniepoint Ends MonieWorld to Focus on African Markets

Moniepoint has announced the winding down of its MonieWorld remittance product, which was designed for UK-based Nigerians, to concentrate on its core African markets. The decision follows a comprehensive review of the company's portfolio and long-term priorities.

Launched in April 2025, MonieWorld aimed to facilitate money transfers from the UK to Nigeria, targeting the £2.76 billion ($3.69 billion) remittance corridor. Moniepoint invested £1.2 million in administrative costs and infrastructure and acquired Bancom Europe Ltd for $2.5 million in July 2025.

Although the platform saw a 70% increase in monthly transaction volume, Moniepoint determined that the UK operation was not the best use of resources. The company plans to focus on Nigeria, where it processed $294 billion in transactions in 2025, and Kenya, where it acquired a 78% stake in Sumac Microfinance Bank in May 2026.

MonieWorld customers will continue to receive support during the transition, and most staff will be reassigned within the Group.