Nigerian fintech, Moniepoint, has officially launched MonieWorld, a new remittance platform designed to serve the Nigerian diaspora in the United Kingdom. This is the company’s first foray outside Africa.
MonieWorld has been developed by Moniepoint GB, the company’s UK subsidiary, headquartered in London. The app makes it easier for users in the UK to send money to Nigeria with no transaction fees and competitive exchange rates that update throughout the day. Users can fund their transfers using multiple payment methods, including bank transfers, debit/credit cards, Apple Pay, and Google Pay.
“Our goal is not just remittance but a full-fledged diaspora financial services platform to serve the African diaspora,” said Tosin Eniolorunda, Founder and Group CEO of Moniepoint Inc. “We want people to try the product because it’s affordable and stay because it works.”
The UK-Nigeria corridor is one of the most active remittance channels in Africa, accounting for nearly £9.3 billion in 2023, according to the World Bank. Remittances continue to play a critical role in Nigeria’s economy, contributing nearly $21 billion in 2024, with about 50% coming from the UK alone. These funds support household consumption, boost foreign exchange liquidity, and help drive economic development.
“The African diaspora needs a one-stop solution to better meet its financial services needs – and improve on the current fragmented market,” Eniolorunda added. “Our expectation is that MonieWorld will enhance financial access for everyone involved, boosting UK-Nigeria bilateral trade and benefiting the global economy.”
Also Read: Financial Times Ranks Moniepoint as Fastest Growing Fintech for 2nd Consecutive Year
