Nigerian fintech unicorn Moniepoint has shut down MonieWorld, its UK-based remittance business, just over a year after its launch.
The company confirmed the decision, citing intense competition in the UK-Africa remittance corridor. Although MonieWorld recorded 70 percent growth in monthly transaction volume, Moniepoint has chosen to wind down the service and is seeking potential buyers for the business.
Resources previously allocated to the UK operation — including technical, capital and operational capacity — will now be redirected to the company’s core African markets in Nigeria and Kenya. Moniepoint’s domestic platform currently processes over $290 billion in annualised payments.
Moniepoint Inc. is a leading African fintech company and a fully licensed microfinance bank. Founded in 2015 by Tosin Eniolorunda and Felix Ike (originally as TeamApt), it has grown into Nigeria’s largest merchant acquirer, providing business banking, personal banking, digital payments, loans and operational management tools through an extensive network of Point of Sale terminals.
The company rose to prominence during the 2023 cashless policy period, when it helped fill gaps in digital payment access for many Nigerians. Its decision to exit the UK remittance market reflects a strategic focus on consolidating its strong position in Africa rather than competing in a crowded international corridor.
The shutdown of MonieWorld marks a notable shift for one of Nigeria’s most successful fintech firms as it prioritises depth in its home markets over geographic expansion in remittances.
