BREAKING: Moniepoint launches remittance product

Moniepoint, a Nigerian fintech unicorn, has officially launched its remittance product, “MonieWorld,” enabling users in the United Kingdom to send money to Nigeria. The launch follows a prior report by Condia detailing the company’s plans.

Sources familiar with the matter indicate that MonieWorld was being promoted offline by influencers in anticipation of the app’s public release this week.

The MonieWorld app, initially released on March 25, 2025, and subsequently updated on April 11, 2025, has already garnered over a thousand downloads on the Google Play Store. The app allows users to convert British pounds to Nigerian naira and execute transfers within seconds.

 “Our goal is not just remittance but a full-fledged diaspora financial services platform to serve the African diaspora,” said Moniepoint’s CEO, Tosin Eniolorunda, in an interview.

“We are using pricing as a pull factor. We want people to try the product because it’s affordable and stay because it works.” 

The introduction of a remittance service is a strategic move for Moniepoint as it pursues a commercial banking license from the Central Bank of Nigeria (CBN). Securing this license, a process projected to take up to a year, would significantly broaden Moniepoint’s financial service offerings to include international transactions and treasury operations, key revenue drivers for established banks. Additionally, Moniepoint aims to tap into the significant remittance corridor between the UK and Nigeria, with the World Bank estimating UK-Nigeria remittances at £9.3 billion in 2023.

While offering remittances to Nigeria provides Moniepoint with a competitive advantage over some peers like OPay, the fintech will navigate a highly competitive market with established players such as Lemfi, Africhange, Kuda, and Afriex already vying for market share.