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If you're searching whether Moniepoint can receive dollars (USD) directly into Nigerian's bank account, then this article is for you. We've fact checked every necessary information and we've brought it to your attention that Moniepoint can't receive any foreign currency, including USD, into a Nigerian's bank account.
Moniepoint Inc, the parent company of Moniepoint, and Monnify, recently launched "Monieworld" to facilitate international transaction directly from U.K. to Nigeria. This simply means, while Moniepoint account cannot be used to receive money from abroad, Monieworld, its subsidiary company, is tasked with the cross-border remittance.
It's also worth noting that Monieworld is currently working in the U.K. market. This means, it can only be used to receive pound starling (GBP) into Nigerian's bank account. Monieworld currently doesn't support other foreign currencies like USD, EUR, CAD or YEN.
Monieworld is both regulated by the U.K. government and Nigeria government through the Central Bank of Nigeria with an International Money Transfers (IMTs) agent.
To use Monieworld to receive GBP from U.K., you must be at least 18 years old living in the U.K. and have the country's phone number. Once the Monieworld account is registered, you can send money in GBP to anyone with a Monieworld account.
Related Article: How to Setup and Use Monieworld Account.
You can also send money directly to Nigerians that have Moniepoint accounts. The currency (GPB) equivalent will be converted to naira at the current market rate and be sent to the Moniepoint account or the Nigerian bank account submitted to the sender.
In conclusion, While Moniepoint cannot be used to receive any foreign currency from abroad, Monieworld, a U.K. fintech company owned by Moniepoint Inc, can be used to receive GBP from the U.K. into any Nigeria's bank account.
I hope this has clarified the confusion of Moniepoint being mistaken as Monieworld as a cross-border remittance and international money transfer app? If you have any questions regarding this topic or related queries, feel free to drop your question in the comments section.