Nigerian fintech unicorn, Moniepoint, is reportedly making an attempt to play in the highly competitive remittances market to serve Nigeria, with the pilot set to commence with the United Kingdom.
According to The Condia, formerly known as Benjamin Dada, the nine-year old firm is currently planning on launching its remittance product that will go by the name: MonieWorld.
The tech publication reported that the app is currently in beta phase ahead of a planned public launch.
Making a play for remittances will see Moniepoint compete with other players like Lemfi, JuicyWay, Africhange, and Kuda, among others.
One core attraction of remittances products is offering comparatively cheaper alternatives to win customers over, particularly at a time when the Nigerian foreign exchange market is experiencing volatility.
To be able to open a MonieWorld UK account, users will be required to be UK residents, aged 18 or older, with a valid mobile number.
It comes at a time the Central Bank of Nigeria (CBN) has set its sight on $1 billion in remittances monthly.
Last year, CBN Governor, Mr Yemi Cardoso, said Nigerians abroad were keen to invest and have already more than doubled the remittances they send home since the Bola Tinubu administration embarked upon monetary reforms in 2023.
According to available numbers, diaspora remittances through international money transfer operators (IMTOs) reached $4.22 billion between January and October 2024.
The figure is 61 percent or $2.62 billion higher than the amount recorded during the same period in 2023.
Moniepoint processes about N30 trillion ($22 billion) monthly and will see further increase as the company continues to serve Nigeria.
Recall that in October 2024 Moniepoint achieved a “unicorn” status after securing $110 million in funding from investors, including Google and London-based private equity firm Development Partners International.
The capital raised will be used to accelerate Moniepoint’s growth across Africa, building an all-in-one, seamlessly integrated platform for African businesses of all sizes, the company had noted at that time.
Now, it appears that one of its growth plans include capturing its share of the remittances market.