Moniepoint enters remittance market with new app, Monieworld

• Published On: 16 April 2025 at 18:21

Moniepoint, Nigeria's newest digital unicorn, is targeting the country's lucrative remittance sector with the launch of Monieworld, a new money transfer app tailored for the UK-Nigeria corridor.

Monieworld, which launched this week, allows UK people to pay money directly to any Nigerian bank account. Transfers can be made using your Monieworld account or by using Apple Pay. In a live demonstration, a transaction from the UK to a Moniepoint account in Nigeria took only 17 seconds.

The exchange rate is competitive, with recipients receiving ₦2,172 for £1 paid, which is ₦53 more than Grey and ₦30 more than Lemfi, two main fintech competitors.

Monieworld will compete with specialised companies such as Lemfi and Raenest, as well as global remittance giants like Wise, but Moniepoint is confident in its advantage. CEO Tosin Eniolorunda told TechCabal that the company intends to establish a new customer base from the bottom up, particularly among Nigerians who now use informal methods to transfer money home.

"Many people prefer using agents to avoid high fees," Eniolorunda said, referring to the large volume of informal remittances entering Nigeria. "We believe our distribution network and technology can shift that behaviour."

The World Bank estimates that Nigeria would receive £2.7 billion in remittances from the UK through formal channels in 2021. However, a significant part of money going to Nigeria is still transferred unofficially, frequently via networks of friends, family, or unlicensed agents.

Monieworld is powered by Moniepoint GB, the fintech's UK subsidiary that has collaborated with PayrNet, a regulated electronic money institution, to handle transactions. In Nigeria, Moniepoint obtained an International Money Transfer Operator licence through its local subsidiary, Global Wire.