Why a growing remittance business was not enough for Moniepoint

MonieWorld, the remittance product built by Nigerian fintech Moniepoint, is being shut down barely 16 months after it officially launched and three years after several stalled attempts, including its seed investment, reportedly $2 million, in PayDay in March 2023. 

The product, which went live in April 2025, was designed to serve the UK’s African diaspora with remittances and digital financial services. 

With more than 200,000 nationals, Nigeria is one of the largest recipients of remittances from Britain. One could therefore argue that the opportunity was obvious. 

Last updated: August 26, 2026