Moniepoint, a Nigeria-based business payments and banking platform, has introduced a new remittance solution to serve the African diaspora in the UK. The service, called MonieWorld, allows users in the UK to send money to Nigeria quickly and without transaction fees. It is available for download on both the Apple App Store and Google Play Store.
According to The Fintech Times, remittances have become a significant part of Nigeria’s economy, supporting household consumption and foreign exchange liquidity. In 2024, remittances to Nigeria increased by 9%, with contributions from the UK diaspora accounting for approximately 50%. This financial flow helps grow businesses, supports families, and promotes economic development.
MonieWorld offers fast transactions that typically complete in seconds, and it adjusts competitive exchange rates throughout the day. Customers can fund their transfers via bank transfers, debit/credit cards, or mobile payment options like Apple Pay and Google Pay.
“The launch of MonieWorld is an exciting step on our journey to create financial happiness and support Africa’s entrepreneurial potential,” said Tosin Eniolorunda, founder and CEO of Moniepoint. “It makes it easy, quick and reliable to send remittances – a critical source of funds for Nigeria’s economy.”
Moniepoint has built a reputation as a leading financial platform for SMEs and consumers in Nigeria. It processes over one billion transactions monthly, with a total payments volume exceeding $22 billion. The company currently serves 10 million businesses and individuals across Nigeria, supporting financial inclusion efforts.
Following the launch of MonieWorld, Moniepoint plans to expand the service further to include additional financial solutions aimed at the African diaspora. The service marks the company’s first venture outside of Africa, a key milestone in their global expansion strategy.
In recent years, Moniepoint has experienced rapid growth, with revenues increasing by over 150% annually. The company reached a Series C funding milestone in October 2024, attracting investment from prominent sources such as Development Partners International, Google’s Africa Investment Fund, and Visa, which also invested in January 2025.
Article updated 4 weeks ago. Content is written and modified by multiple authors.
