The need to serve Africans living in the United Kingdom with easy, fast, and reliable remittances from to Nigeria has inspired Moniepoint to introduce a remittance product known as MonieWorld.
The company introduced this product after it got the funding support of a global tech giant, Google, as well as Verod Capital and Lightrock in October 2024, and from Visa in January 2025.
MonieWorld will complete transactions in seconds, with exchange rates adjusted throughout the day, and no transaction fees for customers.
The MonieWorld application, available via the App Store and Google Play, allows UK customers to send money to Nigeria seamlessly – making financial transactions easier.
“The launch of MonieWorld is an exciting step on our journey to create financial happiness and support Africa’s entrepreneurial potential.
“It is a natural addition to our existing suite of solutions and will be hugely valuable for customers. It makes it easy, quick and reliable to send remittances – a critical source of funds for Nigeria’s economy.
“The African diaspora needs a one-stop solution to better meet its financial services needs – and improve on the current fragmented market.
“I am thrilled Moniepoint is tackling this challenge and can’t wait to announce future additions to the MonieWorld solution.
“Our expectation is that MonieWorld will enhance financial access for everyone involved, boosting UK-Nigeria bilateral trade and benefiting the global economy,” the chief executive of Moniepoint Incorporated, Mr Tosin Eniolorunda, stated.
Remittances are a material contributor to Nigeria’s economy. They supplement foreign direct investment, while supporting household consumption and foreign exchange liquidity.
Global remittances to Nigeria rose by 9 per cent in 2024 to $20.98 billion, with the UK diaspora contributing about 50 per cent, helping to grow businesses, support families, and drive economic development.
Moniepoint is the leading financial platform for Nigeria’s vast network of SME businesses and their consumers with its integrated suite of services – digital payments, bank accounts, credit, and management tools.
The platform processes over a billion transactions monthly, with total payments volume of over $22 billion, serving 10 million businesses and individuals across Nigeria, driving financial inclusion efforts.