Moniepoint shuts down MonieWorld, its UK money transfer service, after 14 months

Moniepoint is shutting down MonieWorld, its UK-focused remittance and digital financial services product, 14 months after launching the service for Nigerians in the United Kingdom. The fintech confirmed the decision, saying it will redirect its technical, capital and operational resources towards its core platform and its primary African markets.

MonieWorld was launched in April 2025 as Moniepoint’s first major service for customers outside Africa. The product allowed people in the UK to send money directly to Nigerian bank accounts, with Moniepoint positioning it as a faster and more affordable way for the diaspora to support families and businesses back home.

At launch, Moniepoint said remittances to Nigeria had reached $20.98 billion in 2024, with the UK diaspora accounting for about half of that amount. It described the UK-Africa corridor as an opportunity to expand its financial services beyond its established Nigerian customer base.

The company’s decision comes despite reported growth in MonieWorld’s activity. According to reports, the product recorded a 70% increase in monthly transaction volume among UK diaspora users.

Moniepoint, however, said it has decided to redirect the resources supporting the product to its core African operations. The company described the move as a deliberate decision to focus on building and scaling its main platform for African businesses.

This means the shutdown should not automatically be read as a wider retreat by Moniepoint from cross-border financial services. The company continues to operate across payments, banking, credit and business-management services, while its wider platform now serves more than 20 million businesses and individuals, according to its website.

MonieWorld was Moniepoint’s first step outside Africa

The UK product was significant because it represented a different direction for a company whose strongest presence has historically been in Nigeria.

When MonieWorld was launched, the service initially focused on Nigerians in the UK before expanding into a broader financial platform for Africans in the diaspora. The company said customers could send money to any Nigerian bank account, with transactions typically completed within seconds.

The launch also came as Moniepoint was expanding its financial infrastructure beyond payments. The company has built products around banking, credit and business management, while its payments business has grown into one of Nigeria’s largest merchant-acquiring operations.

Moniepoint currently says its subsidiaries process more than $250 billion in digital payments transaction value annually. The company’s decision to close MonieWorld therefore ends a relatively short experiment in taking that infrastructure and brand into a major international remittance corridor.

The shutdown also comes as the UK-Nigeria remittance market remains populated by established international and Africa-focused money-transfer companies. However, the company has not publicly attributed the closure to competition, so the company’s stated reason remains its decision to redirect resources towards its core African operations.

MonieWorld’s closure marks the end of one of Moniepoint’s most visible attempts to build a consumer financial service for Nigerians outside the continent, while the company continues to expand its payments, banking and business-management operations across Africa.

Also read: Moniepoint acquires Orda Africa to enter Nigeria’s $19bn restaurant market