Nigerian fintech startup Moniepoint announced the launch of MonieWorld, a platform that offers immigrants various financial services, starting with remittances to Nigeria. The new financial product allows users to return money to Nigeria, beginning with the UK.
“With MonieWorld, Nigerians in the UK can send money home in seconds directly into any Nigerian bank account. With remittances to Nigeria crossing $20B in 2023, we see this as an opportunity to support economic growth in Nigeria, while bringing families closer,” the company said in a blog post.
Customers will be able to pay for services via bank transfers, debit/credit cards, and mobile payment options such as Apple Pay and Google Pay.
The remittance space in Nigeria
Nigerians abroad send home between $20 billion and $25 billion annually in remittances, according to the World Bank. Business Day reported that global remittances to Nigeria increased by 9% in 2024 to $20.98 billion, with the diaspora in the UK playing a significant role.
This is why the remittance space in Nigeria is competitive. Still, Moniepoint believes that its current infrastructure and economies of expansion will allow MonieWorld to provide competitive pricing and services, according to TechPoint.
Moniepoint’s recent investment from Visa
In January, Moniepoint announced that it had received a “strategic investment” from Visa. Sources close to the deal said the fintech startup received over $10 million from Visa after securing a $110 million Series C round in October 2024.
“With Visa as our investor, we can strategically collaborate to continue to grow the payment ecosystem and expand to more countries, which is a key goal for us,” CEO Tosin Eniolorunda told TechCrunch.
Image: Moniepoint
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