Moniepoint Inc. is winding down MonieWorld, its UK-based remittance business, less than 18 months after launch as the Nigerian fintech group redirects capital, technology and operational resources toward its core African markets.
The company said the decision followed a review of its portfolio and long-term priorities, marking a strategic shift away from its first major expansion outside Africa.
MonieWorld launched in April 2025 to enable Nigerians in the UK to send money directly to Nigerian bank accounts using a MonieWorld account, British bank cards, Apple Pay and Google Pay.
The service was aimed at capturing a share of the multibillion-pound UK-Nigeria remittance market.
Despite the decision to wind down the business, Moniepoint said MonieWorld had recorded encouraging early traction, including a 70% increase in monthly transaction volumes among UK diaspora customers using cards, Apple Pay and Google Pay.
However, the company did not disclose how much money MonieWorld processed or the number of customers it acquired.
Moniepoint GB was incorporated in February 2024, with the company spending about £1.2 million on administrative expenses, technology infrastructure and compliance staffing required to operate in the UK’s regulated financial services market.
The group also committed a $2.5 million equity deposit toward the acquisition of Bancom Europe Ltd, an Electronic Money Institution authorised by the UK Financial Conduct Authority.
The acquisition was intended to strengthen Moniepoint’s regulatory infrastructure and support its expansion across the UK and potentially the wider European market.
According to Moniepoint, the infrastructure developed through MonieWorld has now validated its ability to build and operate cross-border payment products.
“Having validated its cross-border infrastructure and delivered value to thousands of diaspora users, the Group is now redirecting this technical, capital, and operational architecture toward its primary African markets,” the company said.
The decision highlights Moniepoint’s growing focus on markets where it already has scale or sees stronger opportunities.
In Nigeria, Moniepoint has built one of the country’s largest financial technology platforms serving businesses and merchants. Its microfinance bank processed transactions worth hundreds of billions of dollars in 2025, while its Monnify payment gateway continues to support online and business-to-business payments.
Moniepoint has also been expanding in Kenya.
The fintech acquired a 78% stake in Sumac Microfinance Bank, giving it a regulatory foothold in East Africa’s largest economy. It subsequently appointed Rose Muturi as chief executive of its Kenya operations.
The company has also been deepening its Nigerian business through acquisitions, including restaurant technology company Orda.
Rather than abandoning international expansion completely, Moniepoint appears to be narrowing its attention to African markets where its business banking, payments and lending capabilities can be deployed at greater scale.
Moniepoint said MonieWorld customers will continue to receive updates during the transition, including information about timelines, outstanding transactions and access to funds.
The company has not provided a firm date for the completion of the shutdown.
Employees affected by the decision will face a combination of role changes and redeployment, with Moniepoint saying most members of the MonieWorld team will move into other parts of the group.
The closure of MonieWorld demonstrates that even well-funded fintech companies are prepared to reassess international expansion when capital and management attention may generate stronger returns elsewhere.
For Moniepoint, the next phase appears increasingly focused on strengthening its position as a financial platform for African businesses, with Nigeria and Kenya at the centre of that strategy.
