Nigerian fintech giant Moniepoint has officially entered the diaspora banking sector with MonieWorld, a digital platform designed to streamline cross-border transactions for African immigrants. Initially targeting the UK-Nigeria corridor, the service promises instant transfers (as fast as 17 seconds) with zero transaction fees and competitive exchange rates.
Remittances are a lifeline for Nigeria’s economy, with inflows reaching $20.98 billion in 2024, nearly half originating from the UK. MonieWorld aims to simplify this process by allowing users to send funds via bank transfers, cards, Apple Pay, or Google Pay, all while offering a best-in-class exchange rate of £1 to ₦2,172.
CEO Tosin Eniolorunda describes MonieWorld as more than a money-transfer tool, it’s a “full-service immigrant banking platform” with plans to introduce credit-building tools, savings accounts, and investment options. This approach targets long-term financial stability for diaspora users navigating dual financial systems.
Moniepoint leverages its existing infrastructure, processing 1 billion+ transactions monthly, to guarantee reliability and lower costs compared to rivals like LemFi and Send. Its recent $110 million Series C funding and Visa partnership further bolster its capacity to scale.
The company plans to expand MonieWorld to U.S., Canadian, and Kenyan corridors, reducing reliance on Nigeria’s volatile market. For now, the focus remains on capturing the UK-Nigeria space, where over 290,000 Nigerians reside.
MonieWorld’s launch signals a strategic shift for Moniepoint, blending remittances with holistic financial services to empower Africa’s global diaspora.
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