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    Innovation Village | Technology, Product Reviews, Business
    You are at:Home»Business»Moniepoint to launch “MonieWorld” remittance service for UK to Nigeria transfers
    Moniepoint

    Moniepoint to launch “MonieWorld” remittance service for UK to Nigeria transfers

    0
    By Tapiwa Matthew Mutisi on March 27, 2025 Business, Fintech, Money Transfer, Nigeria, Products, Remittances

    Moniepoint, a prominent Nigerian fintech unicorn, is poised to introduce a new remittance product called “MonieWorld,” designed to facilitate money transfers from the United Kingdom to Nigeria. Currently in its beta testing phase, MonieWorld is expected to launch publicly soon, as confirmed by sources familiar with the development. This initiative aims to capitalize on the significant remittance flows from the UK to Nigeria, which the World Bank estimates reached an impressive £9.3 billion in 2023, making Nigeria one of the primary beneficiaries of these funds.

    To create a MonieWorld UK account, users must meet specific criteria: they need to be residents of the UK, at least 18 years old, and possess a valid mobile number. The introduction of this remittance service aligns strategically with Moniepoint’s ongoing efforts to secure a commercial banking license from the Central Bank of Nigeria (CBN). This license, which could take up to a year to obtain, would enable Moniepoint to broaden its product offerings significantly, including international transactions and treasury operations—both of which are vital revenue streams for traditional banks.

    Securing the commercial banking license is anticipated to provide Moniepoint with a competitive advantage over rivals such as Opay. However, the fintech will enter a crowded remittance market, facing tough competition from established players like Lemfi, Africhange, Kuda, and Afriex. In an environment where consumers have numerous options and may seek more affordable alternatives, Moniepoint will need to find ways to differentiate itself effectively.

    As part of its growth strategy following its unicorn status, Moniepoint is aggressively expanding its workforce, particularly in areas such as compliance, risk management, sales, and product management. Additionally, a strategic investment from Visa underscores Moniepoint’s ambition to delve into more complex financial services, which will necessitate robust regulatory expertise, especially for initiatives like contactless payments. This multifaceted approach positions Moniepoint to not only enhance its remittance offerings but also to evolve into a comprehensive financial services provider in the competitive fintech landscape.

    Visa invests in Moniepoint to accelerate financial inclusion for African SMEs

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    Africa Business financial services fintech Funding Investments Money Remittances Money Transfer MonieWorld nigeria Technology
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    Tapiwa Matthew Mutisi
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    Tapiwa Matthew Mutisi has been covering blockchain technology, intelligent technologies, cryptocurrency, cybersecurity, telecommunications technology, sustainability, autonomous vehicles, and other topics for Innovation Village since 2017. In the years since, he has published over 4,000 articles — a mix of breaking news, reviews, helpful how-tos, industry analysis, and more. | Open DM on Twitter @TapiwaMutisi

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