Onome Amuge
L-R: Ravi Jakhodia, CEO of Moniepoint GB with Felix Ike, co-founder and CTO at Moniepoint
Moniepoint Inc, one of Nigeria’s leading business payments and banking services platforms, has launched MonieWorld; a new remittance and digital financial services solution – specifically to meet the fragmented, underserved needs of the UK’s African diaspora.
The MonieWorld application, available via the App Store and Google Play, allows UK customers to send money to Nigeria seamlessly – making financial transactions easier. It also marks the first time Moniepoint has offered services to customers outside of Africa; a landmark step in its journey to provide financial happiness for underserved populations.
Reports show that remittances are a material contributor to Nigeria’s economy. They supplement foreign direct investment, while supporting household consumption and foreign exchange liquidity.
Interestingly, global remittances to Nigeria rose nine per cent in 2024 to $20.98 billion, with the UK diaspora contributing 50 per cent – helping to grow businesses, support families, and drive economic development.
Dwelling on this development, MonieWorld makes it easy for the fast-growing Nigerian diaspora in the UK to send remittances quickly, reliably, and cost-effectively. Transactions usually complete in seconds, competitive exchange rates are adjusted through the day, and no transaction fees are charged. Customers can pay for services via various methods: bank transfers, debit/credit cards, and mobile payment services such as Apple Pay and Google Pay.
Thus, the launch of MonieWorld serves as a relevant initiative to expand Moniepoint’s recognition as the leading financial platform for Nigeria’s vast network of SME businesses and their consumers ,backed by its integrated suite of services – digital payments, bank accounts, credit, and management tools.
Moniepoint currently processes over one billion transactions monthly, with a total payments volume of over $22 billion, an indication of its strong financial inclusion efforts.
In addition, Moniepoint’s end-to-end control over the payment process, plus its robust technology infrastructure, guarantees industry-leading reliability for customers – a major competitive advantage for MonieWorld.
Tosin Eniolorunda, founder and Group CEO of Moniepoint Inc., described the launch of MonieWorld as an exciting step on the company’s journey to create financial happiness and support Africa’s entrepreneurial potential.
According to Eniolorunda, the launch is a natural addition to Moniepoint’s existing suite of solutions and will be hugely valuable for customers, making it easy, quick and reliable to send remittances – a critical source of funds for Nigeria’s economy.
“The African diaspora needs a one-stop solution to better meet its financial services needs – and improve on the current fragmented market. I am thrilled Moniepoint is tackling this challenge and can’t wait to announce future additions to the MonieWorld solution. Our expectation is that MonieWorld will enhance financial access for everyone involved, boosting UK-Nigeria bilateral trade and benefiting the global economy,” he added.
Post-launch, MonieWorld will expand to a fully-fledged finance platform purpose-built for the African diaspora, with further solutions added in due course.
The launch of MonieWorld follows significant, sustained growth for Moniepoint, with revenues increasing by over 150 per cent CAGR in recent years.
The company achieved a milestone Series C funding round in October 2024, backed by Development Partners International, Google’s Africa Investment Fund, Verod Capital, and Lightrock. This was followed by an investment from Visa in January 2025.
MonieWorld is launched in the UK by Moniepoint Inc.’s subsidiary, Moniepoint GB, headquartered in London.
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