Moniepoint, the Nigerian fintech giant, has launched a new remittance product called Monieworld. This new service allows UK residents to send money directly to any Nigerian bank account. Users can send funds using Monieworld accounts, bank cards, British accounts, or even Apple Pay and Google Pay.
Monieworld earns revenue from foreign exchange conversion fees. For now, users can only send money to Nigeria. In 2021, Nigerians in the UK sent £2.7 billion back home, making the UK one of Nigeria’s biggest remittance sources. Moniepoint’s CEO, Tosin Eniolorunda, said the company is now focused on helping not just Nigerians at home but Africans everywhere.
He added, “Our goal is to build a full financial service platform for the African diaspora, not just a remittance tool.”
Moniepoint is widely known for its blue POS machines used by thousands of agents across Nigeria. Over the last two years, it has moved into personal and business banking. Now, Monieworld is its latest effort to build a complete financial ecosystem.
With backing from global giants like Google and Visa, who recently invested $120 million in the company, Moniepoint is using a familiar strategy to win users. Just like it offered free POS machines in Nigeria, Monieworld now gives users the best conversion rate in the market to attract new customers.
This approach has worked in the past. Moniepoint now processes over 1 billion transactions every month, worth $22 billion.
Eniolorunda said that apart from competitive rates, Monieworld will stand out for its speed and reliability. Moniepoint controls the entire remittance process through its Nigerian subsidiary, Global Wire, which holds an international money transfer license. It also works with PayrNet, a licensed electronic money institution (EMI) in the UK.
Moniepoint is also working to secure its own EMI license in the UK. This move will allow it to control the money transfer process completely, which could make transactions even faster and more secure.
Only verified UK residents can use Monieworld. The platform requires proof of identity, creditworthiness, and residency before users can send money.
Eniolorunda believes that Monieworld’s biggest competition isn’t other fintechs but the old method of sending money through friends and family. Competitors like Lemfi, Grey, and Wise focus only on cross-border payments, but Moniepoint wants to capture the untapped market of people who still send money manually.
“Over 290,000 Nigerians are living in the UK,” said Eniolorunda. “We want to turn these people into digital remittance users through Monieworld.”
He also pointed out that Moniepoint has experience in reaching large customer bases. “It’s not just about building great tech. You must know how to reach customers at scale. We’ve done it for agents and businesses. Now we’re doing it for the diaspora.”
A team of over 70 people is working on Monieworld. This includes engineers, marketers, product managers, support staff, and a compliance team led by Matthew Snell, a former VP at UK fintech Volt.
Even though Monieworld currently focuses on the UK-Nigeria corridor, Moniepoint has bigger plans. The company is researching new remittance routes and building the legal and business structures to enter other countries.
However, Moniepoint plans to stay focused on the UK market for now. The company says it will only expand to new markets once Monieworld becomes one of the top two remittance providers in the UK-Nigeria corridor.
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