Moniepoint, the Nigeria-based business payments and banking services platform, has launched a new remittance and digital financial services solution aiming to meet the underserved needs of the African diaspora in the UK.
The launch of the new Moniepoint remittance application, dubbed ‘MonieWorld’, will enable UK customers to send money to Nigeria more easily, and is available via the Apple App Store and Google Play Store.
Remittances remain a material contributor to Nigeria’s economy. They supplement foreign direct investment, while supporting household consumption and foreign exchange liquidity. Global remittances to Nigeria rose nine per cent in 2024 to just shy of $21billion, with the UK diaspora contributing around 50 per cent, helping to grow businesses, support families, and drive economic development.
Moniepoint said MonieWorld transactions usually complete in seconds, competitive exchange rates are adjusted throughout the day, and no transaction fees are charged. Customers can pay for services via various methods: bank transfers, debit/credit cards, and mobile payment services such as 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 group CEO of Moniepoint. “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.
“The African diaspora needs a one-stop solution to better meet its financial services needs – and improve on the current fragmented market. 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.”
Building on growth
Moniepoint is a financial platform for Nigeria’s vast network of SME businesses and consumers with its integrated suite of services – digital payments, bank accounts, credit, and management tools. Moniepoint processes over one billion transactions monthly, with total payments volume of over $22billion. It serves ten million businesses and individuals across Nigeria, driving financial inclusion efforts.
Post-launch, MonieWorld will expand to a fully-fledged finance platform purpose-built for the African diaspora, with further solutions added in due course. The launch of MonieWorld follows significant, sustained growth for Moniepoint, with revenues increasing by over 150 per cent CAGR in recent years.
Moniepoint achieved a milestone Series C funding round in October 2024, backed by Development Partners International, Google’s Africa Investment Fund, Verod Capital, and Lightrock. Visa also invested in the company in January 2025.
Moniepoint’s subsidiary, Moniepoint GB, headquartered in London, launched MonieWorld. It marks the first time Moniepoint has offered services to customers outside of Africa, a landmark step in its journey to provide financial happiness for underserved populations.
