Moniepoint to Wind Down MonieWorld Remittance Service

Moniepoint announced on August 25, 2025, that it is winding down MonieWorld, its UK-based remittance service, following a strategic review of its portfolio and long-term priorities. The service, which launched on April 16, 2025, allowed UK customers to send pounds directly to Nigerian bank accounts and was intended to be the first step towards a broader financial-services platform for the African diaspora.

Despite a 70% increase in monthly transaction volume among UK users, Moniepoint has not disclosed revenue figures or customer acquisition costs, raising questions about the product's commercial viability. The company invested approximately £1.2 million in administrative expenses and compliance infrastructure to establish the UK business.

Moniepoint GB was incorporated in February 2024, and the company committed a $2.5 million equity deposit linked to the acquisition of Bancom Europe Ltd. Moniepoint stated that the infrastructure developed will not be discarded and will be redirected towards other financial tools for businesses across Africa.