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Nigerian fintech company Moniepoint announced that it is phasing out MonieWorld, its UK-based remittance service, less than two years after launching the product for Nigerians living in the UK.
The company said on August 25, 2026, that MonieWorld is undergoing a strategic transition as MoniePoint shifts its focus toward its core financial platform and markets across Africa.
MonieWorld launched in April 2025 to allow people in the UK to send money directly to Nigerian bank accounts. Users could fund transfers through a MonieWorld account, cards, UK bank accounts, Apple Pay or Google Pay.
The decision marks a change in Moniepoint’s international expansion strategy.
Instead of continuing to invest in the UK remittance business, the company plans to direct more of its technology, capital and operational resources toward markets where it already has a stronger presence, particularly Nigeria and Kenya.
In April, Moniepoint made its first acquisition with Sumac Microfinance Bank Limited and formally entered the East African market. Meanwhile, in Nigeria, Moniepoint acquired Orda, a cloud-based software provider for restaurants.
Moniepoint said MonieWorld had recorded a 70% increase in monthly transaction volume among UK-based users using cards, Apple Pay and Google Pay. However, the company did not disclose its total transaction value or customer numbers.
The service will continue processing transactions during the transition, and customers will receive information about timelines, next steps and support for transactions that are still in progress.
Founded as TeamApt in 2015 by Tosin Eniolorunda and Felix Ike, Moniepoint is an all-in-one financial platform, helping 20 million businesses and individuals access seamless payments, banking, credit, cross border, and business management tools each month.
Moniepoint had invested significant capital in establishing its UK operations before deciding to phase out MonieWorld.
Moniepoint was established in February 2024, with around £1.2 million ($1.6 million) spent on setup costs like administration, technology, and staffing, according to the UK regulatory filing. In July 2025, the company invested $2.5 million to acquire Bancom Europe Ltd, which is a licensed electronic money institution in the UK.
Additionally, the UK filings revealed that Moniepoint Group planned to spend about $7.39 million for its expansion in London.
From February to December 2024, the company incurred around $1.26 million in expenses for administration and infrastructure, along with another $2.51 million deposit for the Bancom acquisition.
Despite a trading loss during its early stages, the UK remittance market remained stable in demand.
In 2025, Monnify processed transactions worth ₦25 trillion ($18.3 billion), marking a 38% growth from 2023, despite challenges in currency and digital payments.
As part of TeamApt’s payment technology division, Monnify serves over 100,000 merchants and connects them with 27 commercial banks in Nigeria.
It specialises in handling large collections and disbursements across various sectors, including savings, commerce, transport, education, utilities, cooperatives, and government institutions.
