Moniepoint winds down MonieWorld remittance

Moniepoint Inc., a Nigerian fintech unicorn, announced on August 25, 2026, that it is winding down MonieWorld, its UK-to-Nigeria remittance product, about 14 months after launch. The decision follows a portfolio review and reflects a strategic shift to redirect capital, technology, and operational resources toward its core African markets, particularly Nigeria and Kenya. MonieWorld had recorded a 70% increase in monthly transaction volume among UK diaspora users, but Moniepoint Inc. did not disclose revenue or total transaction values. The company had invested significantly in its UK presence, including about £1.2 million in setup costs and a $2.5 million equity deposit for the acquisition of Bancom Europe Ltd, an FCA-authorised electronic money institution. Moniepoint Inc. will continue processing transactions during the wind-down and will redeploy affected employees. The exit highlights intense competition in the UK-Nigeria remittance corridor, with established players like Wise, LemFi, and NALA. Moniepoint Inc. remains focused on its African operations, including Moniepoint — TeamApt, Monnify, DJT Microfinance, and Moniebook, and has expanded into Kenya via Sumac Microfinance Bank. The company recently raised $200 million in Series C funding.