The news
- Moniepoint introduces MonieWorld, targeting the UK–Nigeria remittance corridor.
- The platform allows users to send money to Nigeria and access other immigrant-focused services.
- The move aligns with Moniepoint’s strategy to diversify and reduce reliance on the Nigerian market.
Nigerian fintech giant Moniepoint has unveiled MonieWorld, marking its entry into the diaspora banking sector. The new platform aims to provide immigrants, starting with those in the UK, with a suite of financial services, beginning with remittances to Nigeria.
MonieWorld is not just another remittance app. According to CEO Tosin Eniolorunda, the goal is to offer a comprehensive banking experience tailored for immigrants. “We’re building a proper immigrant banking platform,” he stated. The platform plans to assist users in managing obligations back home while establishing financial stability abroad.
The remittance space, particularly the UK–Nigeria corridor, is highly competitive, with established players like LemFi, Send, and NALA. However, Moniepoint believes its existing infrastructure and economies of scale will allow MonieWorld to offer competitive pricing and services. Eniolorunda emphasised that while they can afford to be cheaper, the focus is on providing value through a comprehensive service offering.
For Moniepoint, MonieWorld represents a strategic expansion beyond its home market of Nigeria. The fintech unicorn, which processed over 5 billion transactions in 2023, is seeking new growth avenues amid Nigeria’s ongoing economic volatility and regulatory uncertainties. MonieWorld also reflects the company’s ambitions to serve African users no matter where they are in the world. With plans to extend MonieWorld’s services to other countries like Kenya, the fintech aims to cater to various African diasporas globally.
Backed by significant investments, including a recent $110 million funding round with contributions from Google and Visa, Moniepoint is well-positioned to make a substantial impact in the diaspora banking sector. The launch of MonieWorld signifies a strategic move to tap into the vast remittance market and offer immigrants a banking platform that understands and caters to their unique needs.
