Moniepoint, Nigeria’s latest unicorn, wants a slice of Nigeria’s $20 billion remittance market with its new remittance product, MonieWorld.
Remittances from the Nigerians living abroad reached $20bn in 2023, according to the World Bank. Moniepoint’s product is currently in beta phase, ahead of a planned public launch, according to a Condia report.
The product will see Moniepoint tap into the remittance flow from the UK, which the World Bank estimates reached £9.3 billion in 2023, with Nigeria being a major beneficiary. To open a MonieWorld UK account, users have to be UK residents, aged 18 or older, with a valid mobile number.
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Diaspora remittances are a crucial source of foreign exchange for Nigeria, supplementing both foreign direct investment and portfolio investments. The Central Bank of Nigeria (CBN) reported remittance inflows of $553 million in July 2024.
Since Moniepoint became a unicorn, the company has seen investments from corporates like Visa and engaged in a hiring spree amid other expansion plans.
According to reports, the nine-year-old fintech company is pursuing a commercial banking license from the Central Bank of Nigeria (CBN) in its bid to expand its product offering.