African fintech unicorn Moniepoint is winding down MonieWorld, its UK-focused remittance product, 14 months after launch to redirect capital and operational resources to its core African markets.
The app was launched in April 2025 as Moniepoint’s first consumer expansion outside Africa, enabling UK-based Nigerians to transfer funds directly to local bank accounts via Apple Pay, Google Pay, and debit cards.
Moniepoint confirmed the strategic pivot following a comprehensive portfolio review of its long-term product priorities.
“We are focusing strategic resources on building core financial tools for businesses across Africa,” says Moniepoint in an official communication to customers, adding that users will receive advance notification prior to platform feature suspensions.
While MonieWorld achieved a reported 70% growth in monthly transaction volume among diaspora users, the parent company has not publicly disclosed total transaction values or net revenues generated by the UK unit.
At launch, the fintech targeted the $20 billion annual Nigerian remittance corridor, of which the UK represents a primary source of diaspora inflows.
Moniepoint achieved unicorn status in late 2024 after raising $110 million in Series C funding, led by Development Finance International and Google’s Africa Investment Fund.
ITWeb Africa previously reported that the company processes over 800 million transactions monthly across Nigeria, primarily servicing informal retail SMEs with point-of-sale terminals and working capital loans.
Moniepoint has since expanded its footprint into East Africa after securing regulatory approval to launch business banking services in Kenya.
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