African fintech Moniepoint has launched a UK-Nigeria remittance service, aiming to build a broader platform for diaspora financial services.
African fintech firm Moniepoint has launched a UK-Nigeria money transfer service, MonieWorld, as part of a broader plan to serve Nigerians abroad with financial tools beyond remittances.
Ravi Jakhodia, CEO of Moniepoint’s UK arm, told *Semafor*, “We are not seeing [remittance] as the only need the diaspora has.”
While not seeking to become a regulated bank in the UK, Moniepoint aims to build a platform enabling users “to send, spend and save money.”
MonieWorld enters a competitive market amid rising remittance flows—Nigeria received nearly $21 billion in personal remittances in 2024.
Backed by Visa and Google’s Africa Investment Fund, Moniepoint was valued at over $1 billion after raising $110 million last year.
Startups like Flutterwave, Juicyway, and LemFi have intensified competition in the sector.
Jakhodia said Moniepoint’s expansion timeline would depend on user behavior and “our ability to deliver.”