The remittance app launched just 16 months ago is being wound down as fintech giant doubles down on SMEs back home_If you’re Nigerian, Ghanaian, Jamaican, or any African/Caribbean in the UK sending money home, here’s an update you need to know.
Moniepoint Inc. has announced it will wind down MonieWorld, its UK-based remittance service that launched in April 2025.The fintech giant says it’s shifting money, tech, and staff away from the UK corridor and back into its core business: powering African businesses.What was MonieWorld?Launched just 16 months ago, MonieWorld let UK residents send money directly to Nigerian bank accounts. You could pay with a UK bank card, Apple Pay, or Google Pay. No agent needed.It gained traction fast.
Moniepoint reported a 70% jump in monthly transaction volume among UK diaspora users. The UK expansion was serious business:- Feb 2024: Moniepoint GB was incorporated- £1.2M spent on setup: compliance, tech, admin- $2.5M equity deposit*lto buy Bancom Europe Ltd, a UK Electronic Money Institution licensed by the FCA So why shut it down now?Moniepoint says the goal was to “validate cross-border infrastructure and deliver value to diaspora users” — and they did that. Now the plan is to redirect that same technical and capital architecture to Africa.In plain terms: they built the pipes in the UK, proved they work, and now they want to use those pipes to grow faster where their main customers are — SMEs in Nigeria and across Africa.Affected UK staff have been informed and will be redeployed.
Customers with pending transfers will get updates in the coming weeks.What this means for the AfroCaribbean Diaspora 1. Fewer options, for now: MonieWorld users will need to migrate to other remittance providers like Sendwave, WorldRemit, or bank apps.2. Focus on origin, not corridor: African fintechs are choosing to build wealth at home first. Moniepoint processed N412 trillion in transactions and gave out N1 trillion in loans in Nigeria in 2025 alone. Most went to market women, provision stores, and small traders.3. The bigger play: Moniepoint says this isn’t the end of diaspora products. “More products will follow” as part of its vision to strengthen financial links between Africa, the UK, and the diaspora.The Bottom Line MonieWorld was a test. It worked. But Moniepoint is placing a big bet that the real money and impact is in building Africa’s payment rails first.For us in the diaspora, it’s a reminder: the platforms that serve us will keep changing. Stay flexible, compare fees, and watch for the next product from players like Moniepoint who are now building with diaspora-tested tech.Moniepoint GB reported a $1.2M loss in 2024, which the company says was just setup cost. We’ll be watching what “more diaspora products”
