Nigerian fintech unicorn Moniepoint has officially launched MonieWorld, a diaspora-focused banking platform designed to serve immigrants starting with those based in the United Kingdom. The new platform marks Moniepoint’s entry into the global remittance space, offering financial tools for immigrants who want to support obligations back home while establishing financial stability abroad.
More Than Just a Remittance App
According to CEO Tosin Eniolorunda, MonieWorld by Moniepoint isn’t just another remittance solution. “We’re building a proper immigrant banking platform,” he said, emphasizing that the goal is to offer a holistic financial experience tailored to the unique needs of immigrants starting with seamless remittances to Nigeria.
In a highly competitive UK–Nigeria remittance corridor, where players like LemFi, Send, and NALA dominate, MonieWorld intends to stand out not just on price but by providing value-driven services powered by Moniepoint’s existing infrastructure and operational scale.
A Strategic Global Expansion
MonieWorld represents a significant strategic move for Moniepoint, which processed over 5 billion transactions in 2023. With Nigeria facing economic challenges and regulatory uncertainty, the fintech is expanding its services globally to ensure sustainable growth and broader impact.
The company plans to roll out MonieWorld in other key regions with large African diasporas, such as Kenya, as part of its mission to serve Africans worldwide.
Backed by Big Investors
This expansion comes on the heels of Moniepoint’s $110 million funding round, which included investments from heavyweights like Google and Visa. These partnerships further strengthen the company’s ability to innovate in the digital banking and cross-border payments space.
What to Expect from MonieWorld
Initially, MonieWorld users in the UK can send money to Nigeria with competitive pricing. Over time, Moniepoint plans to expand the platform to include:
- Cross-border payment tools
- Bill payments
- Savings and credit options tailored to immigrants
- Tools for managing financial commitments in both home and host countries
The launch of MonieWorld by Moniepoint signals the company’s growing ambition to become a global leader in digital banking for the African diaspora. By leveraging its established tech infrastructure and deep understanding of African financial needs, Moniepoint is positioning MonieWorld as a one-stop platform for immigrants navigating life between two worlds.
