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Moniepoint launches MonieWorld to expand financial services for Nigerians in the UK, targeting remittances.
African fintech behemoth Moniepoint has introduced a new money remittance system, MonieWorld, as part of its strategic plan for expansion to offer financial services to Nigerians in the United Kingdom. The service, which facilitates remittances to Nigeria via the UK, is the beginning of an even larger dream to build a full financial platform to provide services for Nigerians in the diaspora.
MonieWorld seeks to capitalize on the expanding remittance market that receives more than $100 billion in remittances annually from diaspora migrants to African nations. The growing market is attracting fintech companies on the continent looking to offer innovative solutions that simplify cross-border money transfer by making it cheaper and quicker. Moniepoint, which is already a big player in Nigeria's digital payments and banking space, plans to use this platform as a stepping stone for broader financial services, including the facilitation of users to send, spend, and save money.
MonieWorld's launch follows hot on the heels of Moniepoint's recent investment by global payments giant Visa, which added to the fintech's momentum after a $110 million funding round last October. The round, which included investment from Google's Africa Investment Fund, took Moniepoint's valuation to over a billion dollars, making it one of Africa's most valuable fintech companies.
Ravi Jakhodia, managing director of Moniepoint's UK operations, stressed that although the company has no intention of becoming a regulated bank in the UK, the aim is to create a flexible financial platform that serves diaspora users. This expansion is part of Moniepoint's increasing ambition to transform the face of finance, both in Africa and globally, with innovative services that address the changing needs of a global user base.
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