Moniepoint has announced the closure of MonieWorld, its international money transfer service for Nigerians in the UK, just 14 months after it launched in June 2025. The service will stop acce
Moniepoint has announced the closure of MonieWorld, its international money transfer service for Nigerians in the UK, just 14 months after it launched in June 2025. The service will stop accepting transactions on August 15, 2026, and will completely shut down on September 15, 2026. Users are encouraged to withdraw any remaining balances before the final shutdown date.
MonieWorld aimed to allow Nigerians living in the UK to send money directly to Moniepoint bank accounts and mobile wallets in Nigeria. This was a significant step for Moniepoint, as the company sought to tap into the lucrative remittance market, which sees Nigeria receiving the highest amount of remittances in Africa, particularly from the UK.
However, the product faced stiff competition from established players in the UK-Nigeria remittance market, such as Wise, Remitly, WorldRemit, LemFi, and Grey. These competitors have deep connections with their users and offer tailored services that Moniepoint struggled to match quickly. While MonieWorld had ambitious goals, the competitive landscape ultimately led to its demise.
Tosin Eniolorunda and Felix Ike, Moniepoint co-founders What this means for Moniepoint, and for Nigerian fintech expansion abroadMoniepoint’s decision to shut down MonieWorld instead of continuing to invest in a struggling product shows the company is being responsible and focused on solid operations, rather than indicating it’s in danger. Moniepoint has a strong business in Nigeria, handling millions of transactions each day and serving over 10 million customers.
After raising $110 million in its Series C funding round in 2023, the company was valued at $1 billion. Its microfinance bank is one of Nigeria’s most popular financial institutions, especially among small businesses.
However, MonieWorld’s closure highlights a common challenge for Nigerian fintech companies trying to expand internationally: success in Nigeria doesn’t guarantee they can compete elsewhere. The skills and resources that help a company succeed at home may not be enough to tackle the established competition in more regulated markets, like those in the West, where rival companies have more experience and funding.
The UK remittance market is particularly tough. Companies must invest heavily to comply with regulations, such as obtaining FCA authorization and meeting anti-money laundering standards, before they can even process their first transaction. In addition, acquiring customers in such a competitive environment is challenging, especially when established players like Wise and Remitly have been marketing their services for years. Customers can easily compare prices, making it easy for them to switch services.
Similar read: How a $5.5M cheque from Jim Ovia helped build Moniepoint into a unicorn
Shutting down MonieWorld doesn’t mean that Moniepoint is abandoning its international goals altogether. The company is still exploring global opportunities, and this move indicates that the specific product it tried to launch in the UK wasn’t performing well enough to warrant continued investment at this time.
For the broader Nigerian fintech sector, MonieWorld’s experience serves as an important lesson. Although building services for diaspora communities seems appealing due to large potential volumes and healthy profit margins, the competition is intense.
Companies that have successfully navigated routes like UK-Nigeria have often done so by being faster, offering better prices, or connecting with cultural nuances from the start. Unfortunately, MonieWorld couldn’t establish that competitive edge quickly enough, leading to its closure.
Also read: Moniepoint acquires Orda Africa to enter Nigeria’s $19bn restaurant market
