Moniepoint has shut down MonieWorld, its UK-based remittance service for Nigerians in the diaspora, just 16 months after the product launched, bringing an end to the fintech’s first major international expansion.
The company stopped accepting transactions on August 15 and plans to complete the wind-down by September 15, 2026. Customers have been asked to withdraw available balances, while Moniepoint said affected users would receive guidance concerning funds still in transit.
The decision comes after Moniepoint invested millions of dollars in establishing its UK operations, including regulatory, technology and administrative costs, as well as the acquisition of an electronic money institution.
Brandspur Banking News Desk reports that Moniepoint incorporated Moniepoint GB in February 2024 before launching MonieWorld in June 2025. The service enabled people in the UK to send money directly to Nigerian bank accounts using bank transfers, debit cards, Apple Pay and Google Pay.
The company had entered one of the world’s busiest remittance corridors, targeting the UK-Nigeria market, which was valued at billions of dollars annually. But competition from established international money-transfer platforms and fintechs made the market particularly challenging.
Moniepoint committed £1.2 million towards setting up its UK operation, covering areas including compliance personnel, technology infrastructure and administration. It subsequently spent $2.5 million on an equity deposit connected to its July 2025 acquisition of Bancom Europe Ltd, an FCA-authorised electronic money institution intended to accelerate its licensing ambitions in the UK and European Economic Area.
Group filings showed that Moniepoint had earmarked $7.39 million for its London expansion. Between February and December 2024, the business recorded $1.26 million in administrative losses alongside the $2.51 million equity deposit for Bancom.
Despite the investment, Moniepoint said the diaspora business no longer fitted its long-term priorities. The company said MonieWorld had validated its cross-border technology and served thousands of diaspora customers, but it would now redirect the infrastructure, capital and operational resources towards its core African markets.
The company also said monthly transaction volumes from customers using cards, Apple Pay and Google Pay had increased by 70 per cent, suggesting that the decision was not simply driven by a lack of usage.
Most members of the MonieWorld team are expected to remain within the wider organisation, with Moniepoint saying staff affected by the decision would undergo role changes or redeployment.
The closure marks a strategic return to Africa for Moniepoint, which has continued to expand its operations on the continent. In Nigeria, the fintech recently acquired restaurant technology company Orda after processing $294 billion in annualised transactions in 2025.
In Kenya, Moniepoint completed the acquisition of a 78 per cent stake in Sumac Microfinance Bank in May and appointed former Branch Kenya chief executive Rose Muturi as its country CEO.
The company, which was valued at $1 billion following its $110 million Series C funding round in 2023, is now positioning its next phase around financial products and infrastructure for African businesses rather than international remittance services.
