Nigerian fintech startup Moniepoint has launched MonieWorld; a new remittance and digital financial services solution specifically designed to meet the fragmented, underserved needs of the UK’s African diaspora.
Founded as TeamApt in 2015 by Tosin Eniolorunda and Felix Ike, Moniepoint is an all-in-one financial ecosystem, helping 10 million businesses and individuals access seamless payments, banking, credit, and business management tools.
As Nigeria’s largest merchant acquirer, it powers most of the country’s point of sale (POS) transactions. Through its subsidiaries, processes US$17 billion monthly for its customers while operating profitably
Having raised US$110 million in Series C equity funding late last year, making it African tech’s latest “unicorn” with a valuation exceeding US$1 billion, the company is now on a growth path, and it has now launched the MonieWorld application, available via the App Store and Google Play.
MonieWorld allows UK customers to send money to Nigeria seamlessly, making it easy for the fast-growing Nigerian diaspora in the UK to send remittances quickly, reliably, and cost-effectively. Transactions usually complete in seconds, competitive exchange rates are adjusted through the day, and no transaction fees are charged.
Customers can pay for services via various methods: bank transfers, debit/credit cards, and mobile payment services such as Apple Pay and Google Pay. Moniepoint’s end-to-end control over the payment process, plus its robust technology infrastructure, guarantees industry-leading reliability for customers – a major competitive advantage for MonieWorld.
“The launch of MonieWorld is an exciting step on our journey to create financial happiness and support Africa’s entrepreneurial potential. It is a natural addition to our existing suite of solutions and will be hugely valuable for customers. It makes it easy, quick and reliable to send remittances – a critical source of funds for Nigeria’s economy,” said Eniolorunda.
“The African diaspora needs a one-stop solution to better meet its financial services needs – and improve on the current fragmented market. I am thrilled Moniepoint is tackling this challenge and can’t wait to announce future additions to the MonieWorld solution. Our expectation is that MonieWorld will enhance financial access for everyone involved, boosting UK-Nigeria bilateral trade and benefiting the global economy.”
Post-launch, MonieWorld will expand to a fully-fledged finance platform purpose-built for the African diaspora, with further solutions added in due course.
