Moniepoint Inc., recognized as Africa's fastest-growing fintech startup, has officially introduced MonieWorld, an innovative digital banking and remittance platform tailored to meet the financial needs of the African diaspora. The service initially targets the crucial UK-Nigeria corridor, launched in the UK by Moniepoint GB,its London-headquartered subsidiary. This marks a significant milestone for Moniepoint, as it signifies the company's entry into the diaspora financial services market and its first venture to offer services to customers outside of Africa, reinforcing its mission to deliver financial happiness to underserved populations globally.

MonieWorld aims to revolutionize cross-border financial transactions by enabling UK residents to send money to Nigeria rapidly, typically within 17 seconds, coupled with highly competitive exchange rates and a complete absence of transaction fees. The platform leverages Moniepoint's robust technology infrastructure, ensuring industry-leading reliability in a often fragmented remittance market. According to Tosin Eniolorunda,Founder and Group CEO of Moniepoint Inc., MonieWorld is a natural extension of their existing solutions, designed to be easy, quick, and reliable for sending remittances, which are a vital source of funds for Nigeria's economy.

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Founded in 2015 by Tosin Eniolorunda and Felix Ike,Moniepoint has evolved from providing payment infrastructure for financial institutions to becoming Nigeria's leading business banking provider, processing over 1 billion transactions monthly with a value exceeding $22 billion. The launch of MonieWorld is a strategic expansion, specifically targeting the African diaspora's demand for seamless, affordable, and dependable financial services. The platform’s initial focus on remittances is critical, considering global remittances to Nigeria increased by 9% to $20.98 billion in 2024, with the UK diaspora contributing a substantial 50%, making it one of Nigeria's largest remittance corridors.

MonieWorld offers a compelling exchange rate, currently at £1 to ₦2,172, which is positioned as the highest in the market. It supports various payment methods including bank transfers, debit/credit cards, and popular mobile payment services like Apple Pay and Google Pay. By maintaining end-to-end control over the payment process, MonieWorld guarantees enhanced speed and reliability, directly addressing common pain points encountered in the remittance sector.

Eniolorunda emphasized the need for a comprehensive, one-stop solution for the African diaspora's financial services, expressing excitement about tackling this challenge and hinting at future additions to the MonieWorld ecosystem. The expectation is that MonieWorld will boost financial access for all parties, foster UK-Nigeria bilateral trade, and positively impact the global economy.

The MonieWorld launch coincides with a period of substantial growth for Moniepoint, which has reported a 150% compound annual growth rate (CAGR) in revenues in recent years. In October 2024, the company achieved unicorn status after securing a $110 million Series C funding round, led by Development Partners International’s African Development Partners (ADP) IIIfund, with participation from Google’s Africa Investment Fund, Verod Capital, and existing investor Lightrock. Further demonstrating its momentum, global payments giant Visa invested over $10 million in Moniepoint in January 2025, joining its board and signaling deeper collaborations on digital payment solutions, including integration with Visa Direct for remittances and Visa’s Cybersource system for improved transaction visibility.

MonieWorld's competitive advantage is rooted in its aggressive pricing strategy and advanced technological capabilities. By offering superior conversion rates and eliminating transaction fees, Moniepoint aims to attract users in the highly competitive UK-Nigeria remittance market, where established players like Wise and Remitly also vie for market share based on speed and cost. Eniolorunda articulated this strategy: “We are using pricing as a pull factor. We want people to try the product because it’s affordable and stay because it works.”

The platform operates under a Nigerian international money transfer operator (IMTO) licence through Moniepoint’s subsidiary, Global Wire, and a partnership with PayrNet, a UK-based licensed electronic money institution. The UK-Nigeria corridor was chosen as a strategic starting point, given that over 290,000 Nigerians reside in the UK, according to a 2021 census.

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Moniepoint is leveraging its extensive experience in distributing financial services at scale, honed through its dominant position in Nigeria's agent banking space with over 300,000 POS agents, to successfully onboard diaspora users. While challenges such as compliance, customer acquisition, and building trust in a crowded market persist, Moniepoint plans to solidify MonieWorld's position as a top-two provider in the UK-Nigeria corridor before expanding to other regions.

Looking ahead, MonieWorld is envisioned to evolve into a comprehensive financial platform for the African diaspora, with future plans to introduce additional services such including savings, investments, and credit solutions. As Moniepoint expands its footprint into other African markets like Kenya, it intends to launch MonieWorld corridors for diasporas in the US, Canada, and other regions, thereby reducing its reliance on Nigeria, which currently accounts for approximately 90% of its business.