Moniepoint is shutting down its UK remittance service, MonieWorld, less than two years after launch as it shifts focus back to its core markets in Africa.
The company said the move comes after a review of its long-term priorities. It will now redirect the technology, staff and experience gained from the UK operation toward its growing businesses in Nigeria and Kenya. MonieWorld, which launched in April 2025, allowed Nigerians living in the UK to send money home using bank cards, Apple Pay and Google Pay.
While the service recorded a 70 percent rise in monthly transaction volumes, Moniepoint has chosen to concentrate resources on its stronger presence in Africa. The UK setup had required significant investment, including £1.2 million in administrative and compliance costs and a $2.5 million deposit for a planned acquisition of a regulated electronic money institution.
Moniepoint built the UK operation from scratch, incorporating Moniepoint GB in early 2024. Customers will receive direct communication about the closure, including details on pending transactions and access to funds. Most staff on the MonieWorld team will be reassigned to other roles within the company.
The decision leaves Nigeria, where Moniepoint already serves thousands of businesses and merchants, and Kenya, where it recently acquired a majority stake in Sumac Microfinance Bank, as the main focus of its expansion.
