Moniepoint has shut down MonieWorld, its UK-based remittance service, just 14 months after launching the platform for Nigerians and other Africans living in the United Kingdom.
The fintech company entered the UK remittance space in April 2025, giving Nigerians in the UK a direct channel to send money to bank accounts back home. Moniepoint says it is now winding down the service to concentrate its technical, capital and operational resources on scaling its core platform for African businesses.
The company disclosed that MonieWorld had posted a 70 per cent rise in monthly transaction volume among UK diaspora users in the period leading up to the shutdown decision.
But industry sources suggest other factors may have pushed Moniepoint toward the exit. The UK-Africa remittance corridor appears to have been more competitive than the company anticipated, and there are reports that MonieWorld had already been quietly shopped to potential buyers.
Moniepoint had entered the UK market on the back of an Electronic Money Institution licence from the Financial Conduct Authority, secured after it acquired Bancom Europe for $2.5 million in July 2025. Despite holding that regulatory foothold, the company determined that building a serious presence in the UK-Africa corridor would demand sustained capital outlay better deployed elsewhere.
MonieWorld had launched into a crowded field, competing against established players such as NALA, LemFi, Flutterwave’s Send App, Wise and WorldRemit — companies with entrenched customer bases, strong brand recognition, regulatory experience and years of serving diaspora communities.
The exit comes even as the remittance market remains a lucrative one. Nigeria pulled in $22.8 billion in personal remittances in 2025, with the UK-Nigeria corridor standing as one of the country’s biggest sources of diaspora inflows.
Moniepoint is now channelling its focus back to Nigeria and Kenya, where it already runs operations spanning payments, banking, credit and business management.
The company noted that its wider platform serves millions of businesses and individuals, while its infrastructure arm, TeamApt, powers more than 24 banks and financial institutions across the region.
MonieWorld’s assets — including its UK regulatory licence and customer base — are expected to be put up for sale rather than shut down entirely, according to industry sources.
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