Moniepoint, one of Nigeria’s leading fintech companies, has launched a new cross-border payment platform called Monieworld, enabling users in the United Kingdom to send money seamlessly to any Nigerian bank account. With support for transfers from bank accounts, cards, Apple Pay, and Google Pay, Monieworld aims to make remittances faster, cheaper, and more accessible for the Nigerian diaspora.
In a live demonstration, a £1 transfer reached a Moniepoint account in just 17 seconds, delivering ₦2,172, an exchange rate more competitive than that of rival platforms such as Grey and Lemfi. The platform currently operates solely within the UK-Nigeria corridor, one of the most active remittance routes for Nigeria, which saw over £2.7 billion in inflows from the UK in 2021 alone.
Moniepoint CEO Tosin Eniolorunda emphasized that Monieworld is more than just a remittance tool, it is the foundation for a broader financial ecosystem aimed at the global African community. “We’re not just solving for transfers. We’re building a complete financial services platform for Africans, wherever they are,” he said.
The company generates revenue through foreign exchange conversion fees and plans to broaden its income streams as it scales. Its competitive edge lies in offering higher exchange rates, rapid transaction speeds, and full control over the transaction journey.
Backed by $120 million from notable investors including Google and Visa, Moniepoint is leveraging its proven market entry strategy. Much like its early POS distribution phase where it handed out thousands of terminals for free, the company is attracting users to Monieworld with favorable pricing and user experience.
Already processing over 1 billion transactions monthly worth $22 billion, Moniepoint is now applying its scale-focused growth tactics to the remittance sector. “Our goal is to use affordability as an entry point and retention through reliability,” said Eniolorunda.
Monieworld operates under a Nigerian IMTO (International Money Transfer Operator) license through a Moniepoint subsidiary called Global Wire, in collaboration with PayrNet, a licensed Electronic Money Institution (EMI) in the UK. The company is also working toward acquiring its own EMI license to further streamline operations and reduce dependence on third parties.
Only UK residents can currently use Monieworld, with stringent verification processes in place for residency, identity, and credit checks. According to Eniolorunda, the platform’s primary competitor is not other fintechs but traditional peer-to-peer methods, such as sending money home through friends and relatives.
“There’s a vast untapped market of Nigerians abroad who still rely on informal means to send money home,” he noted. With over 290,000 Nigerians living in the UK, Moniepoint sees a significant opportunity to convert this demographic into loyal digital remittance users.
Leading compliance efforts for Monieworld is Matthew Snell, formerly of UK fintech Volt, overseeing a team of over 70 professionals spanning engineering, compliance, marketing, product development, and customer support.
Moniepoint plans to expand Monieworld to other high-volume remittance corridors, but only after solidifying its position as a top-tier provider between the UK and Nigeria. “Our expansion strategy is rooted in deep regulatory analysis and market readiness,” Eniolorunda said. “We want to scale responsibly, one corridor at a time.”
