MonieWorld – The Diaspora’s Way of Getting Remittances

With a focus on the UK-Nigeria remittance corridor, Moniepoint presents MonieWorld. Also Africa will see the development of payment corridors by fintech with the debut of this medium of remittance.

MonieWorld, a revolutionary digital banking and remittance platform created to meet the financial requirements of the African diaspora, beginning with the UK-Nigeria corridor, has been formally launched by Moniepoint Inc., Africa’s fastest-growing fintech business.

Its London-based UK affiliate, Moniepoint GB, introduced the service in the UK. With extremely favorable exchange rates, it would allow UK citizens to send money to Nigeria in just 17 seconds. In addition to other services targeted at immigrants, the portal enables users to send money to Nigeria.

The move marks the business’s debut into the diaspora financial services industry and the first time the company has supplied services to consumers outside of Africa, a significant step in its drive to deliver financial pleasure for disadvantaged communities. The action is consistent with Moniepoint’s plan to diversify and lessen its dependency on the Nigerian market.​

With the launch of MonieWorld, Nigerian fintech giant Moniepoint has made its debut in the diaspora banking market. The new platform intends to offer a range of financial services, starting with remittances to Nigeria, to immigrants, beginning with those in the UK.​

MonieWorld wants to revolutionize the way African immigrants handle cross-border financial transactions by offering no transaction fees and a strong technological infrastructure that guarantees industry-leading dependability.

Established in 2015 by Tosin Eniolorunda and Felix Ike, Moniepoint has expanded from offering financial institutions payment infrastructure to being the top business banking supplier in Nigeria, handling over 1 billion transactions per month with a $22 billion value. Targeting the African diaspora’s need for streamlined, reasonably priced, and dependable financial services, MonieWorld’s debut is a calculated extension of its product line.

There is more to MonieWorld than simply another remittance app. The objective is to provide immigrants with a holistic banking experience, according to CEO Tosin Eniolorunda. “We’re developing a legitimate banking platform for immigrants,” he said. The website intends to help customers build financial security overseas while managing responsibilities at home.​

Eniolorunda emphasized that although they can afford to be less expensive, the emphasis is on offering value through a comprehensive service offering. The remittance market, especially the UK–Nigeria corridor, is extremely competitive, with well-known players like LemFi, Send, and NALA. Nevertheless, Moniepoint believes its current infrastructure and economies of scale will allow MonieWorld to offer competitive pricing and services.

Remittances, a vital source of income for Nigeria, are the first area of attention for MonieWorld. The UK diaspora contributed 50% of the $20.98 billion in worldwide remittances to Nigeria in 2024, a 9% increase from the year before and one of the biggest remittance corridors in the nation. The portal accepts bank transfers, debit/credit cards, and mobile payment methods like Apple Pay and Google Pay. It also provides the highest conversion rate in the industry, from £1 to ₦2,172.

MonieWorld is a deliberate move by Moniepoint outside of its native Nigerian market. With Nigeria’s economy still in flux and regulations still unclear, the fintech unicorn, which handled more than 5 billion transactions in 2023, is looking for fresh growth opportunities. MonieWorld also shows the company’s goals to serve African customers irrespective of where their locations are in the world. With ambitions to bring MonieWorld’s services to additional nations like Kenya, the fintech company intends to serve numerous African diasporas internationally.

MonieWorld addresses typical issues in the fragmented remittance industry by guaranteeing speed and reliability through the use of Moniepoint’s end-to-end control over the payment process.

With the support of large investments, like a recent $110 million fundraising round that included contributions from Visa and Google, Moniepoint is poised to have a big influence on the diaspora banking industry. The establishment of MonieWorld is a calculated step to access the sizable remittance industry and provide immigrants with a banking platform that recognizes and meets their particular requirements.​

There are still issues, though, such as acquiring customers, adhering to regulations, and establishing credibility in a cutthroat industry. Until MonieWorld is among the top two providers in the UK-Nigeria market, Moniepoint intends to wait to open other corridors.

With plans to roll out more services including lending, investments, and savings, MonieWorld hopes to develop into a full-fledged financial platform for the African diaspora.

In order to lessen its need in Nigeria, which presently handles 90% of its business, Moniepoint plans to establish MonieWorld corridors for diasporas in the US, Canada, and other areas while it expands its presence in African countries like Kenya.