Moneymie, a digital banking platform for immigrants, has shut down its retail service. In a notice on its website, it stated that it will be pausing its services for retail customers from the 9th of August, 2022.
Founded in 2019 by some founders including Opeyemi Awoyemi, Moneymie was created as a digital bank and transaction platform for migrants to provide products including dollar accounts, cross-border transfers, savings and investment products, enabling migrant users to save in multi-currency investments, monitor income and expenditures, exchange, move and grow money around the world.
The exit from retail business comes a couple of weeks after the company announced the appointment of ex-Nedbank staff Michelle Van Staden as CEO. Moneymie has removed its app from the Google and Apple playstores.
According to the company, it will now focus on cross-border payments and payouts for its business users via its B2B platform and APIs. It advised that customers should transfer funds sitting in their wallets before August 31st, 2022.
Here is the snapshot of the notice on the company’s website
