Moniepoint has officially launched MonieWorld, its new remittance and digital financial services solution designed to serve the needs of the UK’s African diaspora community.
In a statement, the fintech noted that MonieWorld will make it easier 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 throughout the day, and no transaction fees are charged,” the company said.
It added that customers can pay for services via bank transfers, debit/credit cards, and mobile payment options such as Apple Pay and Google Pay.
Remittances play a significant role in Nigeria’s economy. They supplement foreign direct investment, support household consumption, and improve foreign exchange liquidity. Global remittances to Nigeria rose by 9 percent in 2024 to $20.98 billion, with the UK diaspora contributing a significant percentage.
Read also: Moniepoint eyes Nigeria’s $20bn remittance market
With MonieWorld, Moniepoint aims to tap into the remittance flow from the UK, which the World Bank estimates reached £9.3 billion in 2023, with Nigeria as a key beneficiary.
Tosin Eniolorunda, founder and group chief executive officer of Moniepoint Inc., said, “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.”
Moniepoint is one of the leading financial platforms for Nigeria’s vast network of SME businesses and their consumers, offering an integrated suite of services including digital payments, bank accounts, credit, and management tools.
“The African diaspora needs a one-stop solution to better meet its financial services needs and improve on the current fragmented market… We expect that MonieWorld will enhance financial access for everyone involved, boost UK-Nigeria bilateral trade, and benefit the global economy,” Eniolorunda added.
