Moniepoint, a Nigerian fintech unicorn, is set to launch a new remittance product “MonieWorld,” which will enable users in the United Kingdom to send money to Nigeria. This new offering is currently in beta phase ahead of a planned public launch, according to information on the web application. One person familiar with the matter confirmed the product was in testing and scheduled for delivery soon. This move will see Moniepoint tap into the substantial remittance flow from the UK, which the World Bank estimates reached £9.3 billion in 2023, with Nigeria being a major beneficiary.
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.
The successful rollout of a remittance service is strategically aligned with the nine-year-old fintech’s pursuit of a commercial banking license from the Central Bank of Nigeria (CBN). Obtaining the license, which is estimated to take up to a year, would significantly expand Moniepoint’s product offerings, including international transactions and treasury operations, both key revenue streams for traditional banks.
The license is expected to give the newly minted Unicorn an edge over competitors like Opay. However, Moniepoint will be playing in a saturated remittance space, facing stiff competition from other players like Lemfi, Africhange, Kuda, and Afriex.
Read also: PalmPay eyes remittances as it mulls Asia Expansion
In a market where customers are spoilt for choice and possibly looking to explore cheaper options, Moniepoint will have to differentiate itself.
The company’s recent post-unicorn growth strategy includes aggressive hiring in compliance, risk management, sales, and product management. A strategic investment from Visa further signals Moniepoint’s ambition to expand into complex financial services, requiring robust regulatory expertise for ventures like contactless payments.
*This is a developing story
