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Moniepoint is stepping into the remittance game with MonieWorld, a new service that will let people in the UK send money to Nigeria. Though still in beta, once it’s fully live, it’ll compete for a slice of the billions of pounds that flow from the UK to Nigeria every year.
An insider familiar with the matter confirmed the product was in testing and scheduled for public launch soon. However, seems the product will not be available for Nigerian users. Only users in the UK can download the app on their app stores.
In other words, you must be a UK resident with valid phone number and be at least 18-years or older to open the Monieworld UK GBP bank account.
In addition to the international remittance services, Moniepoint is also working on getting a commercial banking licence from the Central Bank of Nigeria (CBN), a process that could take up to a year.
If approved, this licence would allow Moniepoint to further expand it's foot into international transfer ecosystem and treasury operations, differentiating the company from other fintech competitors like OPay, PalmPay and Kuda.
In 2023, World Bank estimates remittance transactions to £9.3 billion, with Nigeria being a major beneficiary. That said, the remittance space is already crowded with players like LemFi, Africhange, Kuda, and Afriex.
In such market where customers are spoilt for choice and possibly looking to explore cheaper options, Moniepoint will have to differentiate itself, such as offering something different—whether that’s lower fees, faster transfers, or a smoother user experience.
The company has been making big moves lately, hiring aggressively in compliance, risk management, sales, and product management. A recent investment from Visa also suggests it has its sights set on more than just payments.
