Fast-rising African fintech company, Moniepoint Inc.,
has launched a new digital platform called MonieWorld, tailored to meet the
cross-border financial needs of Africans living abroad, starting with the
high-traffic UK-Nigeria remittance route.
The service, rolled out by Moniepoint GB, the
company's UK-based arm headquartered in London, allows users in the UK to send
funds to Nigeria in as little as 17 seconds, with highly attractive exchange
rates and no transaction fees.
This move marks Moniepoint’s official entry into the diaspora
financial services market and its first major offering outside Africa. The
initiative aligns with the company’s broader mission to promote "financial
happiness" and inclusion among underserved populations.
Founded in 2015 by Tosin Eniolorunda and Felix Ike,
Moniepoint began as a provider of payment solutions for banks and has since
evolved into Nigeria’s leading business banking platform, handling over one
billion transactions monthly, valued at $22 billion. The introduction of
MonieWorld represents a strategic expansion, aimed at solving long-standing
remittance challenges faced by African migrants.
Speaking on the development, Tosin Eniolorunda,
Moniepoint’s Group CEO, said:
“MonieWorld is a natural next step for us in
delivering financial solutions that matter. This platform makes sending money
back home quick, seamless, and reliable—addressing a vital economic need for
many Nigerians abroad.”
A Game-Changer for UK-Based Nigerians
Remittances remain a significant contributor to
Nigeria’s economy. In 2024, inflows reached $20.98 billion, with UK-based
Nigerians contributing around 50%. MonieWorld offers one of the most favorable
rates in the market—£1 to ?2,172—and supports payments through bank transfers,
credit/debit cards, and mobile wallets like Apple Pay and Google Pay.
The platform leverages Moniepoint’s full control over
the payment process, eliminating common delays and errors associated with
cross-border transactions. According to Eniolorunda:
“The diaspora deserves a unified solution that solves
fragmentation in remittance systems. We’re excited to build a platform that
delivers trust, speed, and great value.”
Positioned for Growth
MonieWorld's launch coincides with an impressive
growth phase for Moniepoint. The company recently raised $110 million in Series
C funding (October 2024), attracting investors like Development Partners
International, Google’s Africa Investment Fund, and Lightrock—a move that
officially earned it unicorn status.
In January 2025, Visa made a strategic investment of over
$10 million, joining Moniepoint’s board and laying the groundwork for deeper
partnerships, including Visa Direct and Cybersource integrations.
Competitive Edge and Future Expansion
MonieWorld enters a crowded market where firms like Wise
and Remitly dominate. However, Moniepoint is confident its no-fee structure, high
exchange rate, and robust tech backbone will help it stand out.
“Pricing is the hook, but performance is the key to
retention. We want people to try MonieWorld because it’s affordable—and stay
because it works,” Eniolorunda noted.
The platform currently operates under a Nigerian IMTO
licence via Moniepoint’s subsidiary Global Wire, and partners with PayrNet, a
licensed e-money institution in the UK.
Looking Ahead
While the current focus is on the UK-Nigeria route,
home to over 290,000 Nigerians, Moniepoint plans to expand MonieWorld to serve
other diaspora corridors in the U.S., Canada, and beyond. However, it aims to first
become a top-two provider in the UK before moving into additional markets.
In the long term, MonieWorld is expected to evolve
into a full-service financial platform, offering services like savings,
investment options, and credit solutions for diaspora users. As Moniepoint also
increases its presence in other African countries like Kenya, it is actively
diversifying its operations to reduce its current reliance on Nigeria, which
still accounts for 90% of its business.
Comments:
Leave a Reply