Moniepoint launches MonieWorld to revolutionise remittances for the African diaspora

Moniepoint Inc., Africa’s fastest-growing fintech startup, has officially launched MonieWorld, a groundbreaking digital banking and remittance platform designed to serve the financial needs of the African diaspora, starting with the UK-Nigeria corridor.

The service was launched in the UK by its UK subsidiary, Moniepoint GB, headquartered in London. It will enable UK residents to send money to Nigeria in just 17 seconds at highly competitive exchange rates.

The development marks the company’s entrance into the diaspora financial services market and the first time the company has offered services to customers outside of Africa, a landmark step in its journey to provide financial happiness for underserved populations.

With no transaction fees and a robust technology infrastructure ensuring industry-leading reliability, MonieWorld aims to redefine how African immigrants manage cross-border financial transactions.

Founded in 2015 by Tosin Eniolorunda and Felix Ike, Moniepoint has grown from providing payment infrastructure for financial institutions to becoming Nigeria’s leading business banking provider, processing over 1 billion transactions monthly worth $22 billion. The launch of MonieWorld is a strategic expansion of its offerings, targeting the African diaspora’s need for seamless, affordable, and reliable financial services.

Commenting on the launch, Tosin Eniolorunda, Founder and Group CEO of Moniepoint Inc., said, “The launch of MonieWorld is an exciting step on our journey to create financial happiness and support Africa’s entrepreneurial potential. It is a natural addition to our existing suite of solutions and will be hugely valuable for customers. It makes it easy, quick and reliable to send remittances – a critical source of funds for Nigeria’s economy.”

MonieWorld’s initial focus is on remittances, a critical financial lifeline for Nigeria. In 2024, global remittances to Nigeria rose 9% from the previous year to $20.98 billion, with the UK diaspora contributing 50%, making it one of the country’s largest remittance corridors. The platform offers a £1 to ₦2,172 exchange rate, currently the highest in the market, and supports payments via bank transfers, debit/credit cards, and mobile payment services like Apple Pay and Google Pay.

By leveraging Moniepoint’s end-to-end control over the payment process, MonieWorld guarantees speed and reliability, addressing common pain points in the fragmented remittance market.

“The African diaspora needs a one-stop solution to better meet its financial services needs – and improve on the current fragmented market,” Eniolorunda said in a statement.

“I am thrilled Moniepoint is tackling this challenge and can’t wait to announce future additions to the MonieWorld solution. Our expectation is that MonieWorld will enhance financial access for everyone involved, boosting UK-Nigeria bilateral trade and benefiting the global economy,” he added. 

Moniepoint continues to grow by leaps and bounds with MonieWorld launch

The MonieWorld launch comes at a time of significant growth for Moniepoint, which reported a 150% compound annual growth rate (CAGR) in revenues in recent years. In October 2024, the company secured a $110 million Series C funding round led by Development Partners International’s African Development Partners (ADP) III fund, with participation from Google’s Africa Investment Fund, Verod Capital, and existing investor Lightrock. This round elevated Moniepoint to unicorn status, with a valuation exceeding $1 billion.

In January 2025, global payments giant Visa invested over $10 million in Moniepoint, joining its board and signalling deeper collaboration on digital payment solutions, including integration with Visa Direct for remittances and Visa’s Cybersource system for enhanced transaction visibility.

MonieWorld’s competitive edge lies in its pricing strategy and technological prowess. By offering the highest conversion rates and no transaction fees, Moniepoint aims to attract users in the crowded UK-Nigeria remittance market, where players like Wise and Remitly compete on speed and cost.

Eniolorunda emphasised that while pricing is a pull factor, reliability and user experience will drive retention.

“We are using pricing as a pull factor. We want people to try the product because it’s affordable and stay because it works,” he said.

The platform operates through a Nigerian international money transfer operator (IMTO) licence under Moniepoint’s subsidiary, Global Wire, and a partnership with PayrNet, a UK-based licensed electronic money institution.

The UK-Nigeria corridor is a strategic starting point, with over 290,000 Nigerians living in the UK, according to a 2021 census. Moniepoint is betting on its expertise in distributing financial services at scale, honed through its dominance in Nigeria’s agent banking space with over 300,000 POS agents, to convert diaspora users.

However, challenges remain, including compliance requirements, customer acquisition, and building trust in a competitive market. Moniepoint plans to hold off on expanding to other corridors until MonieWorld becomes a top-two provider in the UK-Nigeria space.

Looking ahead, MonieWorld aims to evolve into a comprehensive financial platform for the African diaspora, with plans to introduce additional services such as savings, investments, and credit solutions.

As Moniepoint deepens its footprint in African markets like Kenya, it intends to launch MonieWorld corridors for diasporas in the US, Canada, and other regions, reducing its reliance on Nigeria, which currently accounts for 90% of its business.