Nigerian fintech Moniepoint is phasing out MonieWorld, its UK remittance product, about 14 months after launching the service as it refocuses resources on its core African markets.
MonieWorld was designed to serve Nigerians and other members of the African diaspora in the UK, enabling users to send money directly to Nigerian bank accounts. The product marked Moniepoint’s first major expansion beyond Africa and aimed to simplify cross-border transfers for diaspora customers.
The decision comes despite reported growth in the service, with monthly transaction volumes said to have increased by 70% among UK diaspora users.
Moniepoint says the move follows a review of its strategic priorities, allowing the company to concentrate capital, technology and operational resources on its core platform for African businesses.
Moniepoint exit shows the challenges African fintechs face when expanding into mature and regulated financial markets.
