Moniepoint Figures ‘There’s Rice At Home’ As It Swiftly Abandons Costly Buffet Elsewhere
Moniepoint’s rather swift decision to shutter MonieWorld after just 14 months shows it’s bravely come to terms with the humbling reality that a USD 250 B payments machine at home does not automatically translate into victory abroad.
The Nigerian fintech unicorn, backed by Google and Visa and valued at over USD 1 B, announced on Tuesday it was winding down its UK-to-Nigeria remittance service. MonieWorld stopped accepting transactions on August 15 and will shut completely on September 15. The move comes despite a reported 70% increase in monthly transaction volume among UK diaspora users.
The decision is being couched in capital discipline. Moniepoint’s core business in Nigeria processed NGN 412 T (USD 294 B) in transaction value across more than 14 billion transactions in 2025, powering eight out of every 10 in-person payments nationwide. It disbursed over NGN 1 T in loans to small businesses. The company is Nigeria’s largest merchant acquirer, a position built on volume, distribution and deep integration into the informal economy.
By contrast, MonieWorld entered one of the world’s most competitive consumer finance corridors. Nigeria received an estimated USD 23 B in diaspora remittances in 2025, with the UK corridor moving between USD 3.5 B and USD 4.5 B. But the route is crowded with established players including LemFi, which processes over USD 1 B in monthly transaction volume, NALA, Wise, WorldRemit and Flutterwave’s Send App.
Moniepoint’s UK entry was expensive. The company incorporated Moniepoint GB in February 2024 and spent about GBP 1.2 M on administrative expenses, technology and compliance staffing. It also committed a USD 2.5 M equity deposit to acquire Bancom Europe Ltd, an FCA-authorised electronic money institution. For the 2024 financial year, Moniepoint GB reported a USD 1.2 M loss.
“Having validated its cross-border infrastructure and delivered value to thousands of diaspora users, the Group is now redirecting this technical, capital, and operational architecture toward its primary African markets,” the company said in a statement.
The remittance business is defined by trust and habit. Customers who have sent money through the same app for years do not switch lightly. Acquiring new users is expensive; retaining them, once the product works, is relatively cheap, as one analysis pointed out. Early movers like LemFi and NALA have spent years building brand recognition and institutional backing.
Moniepoint’s retreat reflects a broader recalibration among African fintechs. After testing international diaspora channels, many are concentrating resources where distribution, infrastructure and unit economics are already proven. Meanwhile, established UK fintechs such as Revolut and Monzo are increasingly setting their compass towards African markets.
Moniepoint says it aims to deepen its position in Nigeria and Kenya, where it recently acquired a 78% stake in Sumac Microfinance Bank. Most employees working on MonieWorld will be redeployed within the group while the FCA licence and Bancom infrastructure are reportedly being marketed to potential buyers.
The company’s core business, meanwhile, continues to print scale; processing the majority of Nigeria’s in-person payments, serving over 6 million businesses and banking more customers than many traditional lenders. For Moniepoint, there was rice at home all along. The UK buffet, it turns out, was not worth the fight.
