Moniepoint has set its foot into the UK-Nigeria remittance market using Monieworld. MonieWorld is a digital remittance platform that allows UK residents to send money directly from a MonieWorld account, cards, a British bank account, or via Apple Pay and Google Pay to a Moniepoint account or any Nigerian bank account.
Currently, MonieWorld UK account holders can only remit to Nigeria using the platform. Nigeria is one big country that received approximately £2.7 billion in remittances from the UK in 2021 through formal channels. This makes the market a better option to start with.
Furthermore, MonieWorld offers favorable exchange rates, reportedly better than some competitors like Grey and LemFi. In a real-world test, it took just 17 seconds to send £1 from the UK to a Moniepoint account in Nigeria, which received ₦2,172—that’s ₦53 more than Grey and ₦30 more than LemFi, showcasing MonieWorld's competitive exchange rates.
How to receive money from UK using MonieWorld
MonieWorld is making waves in the UK-to-Nigeria remittance space by offering one of the fastest and most rewarding money transfer services. The app, not available for Nigerian residents, is already available for download on the Google Play Store and Apple App Store for UK residents.
You can also visit the MonieWorld website at "monieworld.com" to register an account and get started. However, it's important to note that to use this remittance app, you must be 18 years or above. You must be a UK resident that has a valid UK phone number. The phone number will be used initially for sign-up.
After the account registration, you will also be required to complete your KYC. This will demand the submission of your valid national identification card, such as an international passport, residential permit, or citizenship card.
Once registration is completed, you can begin to transact on the platform, such as funding, receiving, and sending money to Moniepoint accounts, Nigerian bank accounts, and other MonieWorld accounts. For now, you can add money to your MonieWorld bank account through a UK bank account, debit card, Apple Pay, or Google Pay.
However, to use MonieWorld to receive money from the UK, you will need to ask the sender in the UK to download the MonieWorld app on the Google Play Store or Apple App Store, depending on the smartphone they're using. They can also complete the transaction via web app.
After downloading the app, they’ll need to sign up and verify their identity (KYC) as required. Once the sender is set up on the app, you can give them your Nigerian bank account details—this could be your Moniepoint account or any other Nigerian bank account. MonieWorld supports transfers to various banks in Nigeria.
Now, your sender will enter the amount they want to send in GBP (£), choose your Nigerian bank account as the destination, review the exchange rate, and select a payment method that suits them (they can use a UK bank account, debit card, Apple Pay, or Google Pay).
Once the transaction is confirmed, the money is delivered almost instantly—usually within 17 seconds. You’ll receive a notification from your bank or Moniepoint once the money hits your account.
Conclusion
Moniepoint's MonieWorld is a newly launched digital remittance platform that's positioning itself as a swift and cheap top-tier remittance solution for Nigerians in the diaspora. The app is giving people living in the United Kingdom a seamless way to send money home (to family and loved ones).
The platform makes money through FX conversion fees, with plans to diversify revenue as it expands its offerings.
Currently, the platform is still available between Nigeria and the UK, with plans for expansion into other African markets. According to Moniepoint’s CEO, Tosin Eniolorunda, he said, “Our goal is not just remittance but a full-fledged diaspora financial services platform to serve the African diaspora.”
