Moniepoint announced it is phasing out MonieWorld, its UK remittance product, in less than two years of operation. This doesn’t mean the Nigerian Fintech is completely exiting the UK market, as Moniepoint GB Ltd is still incorporated in the UK. 

In a statement to TechCabal, Moniepoint revealed that “MonieWorld, its UK-based remittance business, is undergoing a strategic transition”, stating that the company would “refocus its resources on building and scaling its core platform for African businesses”.

With the massive success the unicorn recorded in Nigeria — backed by tech giants like Google and Mastercard — extending into the rest of Africa, and eventually the world, seemed like an inevitable move. “We used to say we are creating financial happiness for Africans, but that has evolved to Africans everywhere,” Moniepoint’s CEO, Tosin Eniolorunda remarked. 

Targeting the £2.76 billion ($3.69 billion) Nigeria-UK remittance market, Moniepoint launched Monieworld — its remittance product — to enable UK residents to send money directly from a Monieworld account, a British bank account, Apple or Google Pay, directly to any Nigerian bank account. 

Its grand entry into the UK market was made possible through the $2.5 million acquisition of Bancom Europe, an FCA-authorized Electronic Money Institution. The goal of the buy was to fast-track regulatory access across the UK and EEA.

Despite heavy investment in the UK — £1.2 million in setup and administrative costs, plus a $2.5 million equity deposit to acquire Bancom Europe Ltd in July 2025 — the venture failed to gain traction. Added to that, Moniepoint incurred a loss of $1.2 million in its first year of operation, according to recent regulatory filings. 

With the facts in hand, the decision to taper off Monieworld seems like a rational one. Knowing when to leave the dance stage is a necessary skill in entrepreneurship and business. 

Yet, this isn’t unique to Moniepoint, as several remittance startups shut down their activities due to the intense competition in that sector. In May 2026, Chimoney, a Nigerian-founded fintech startup that built cross-border payment infrastructure for businesses, also shut down after struggling to secure enough funding for its cross-border payments. In addition, Zazuu, a London-based fintech which had raised more than $2 million, was equally another casualty of the cutthroat remittance market. 

As competition intensifies and investors demand clearer paths to profitability, downsizing, phasing out products, or shutting down entirely have become the realities African entrepreneurs must live with. For the founders who refuse to adapt, the consequences would go beyond a downsize. Moniepoint is playing the long game and knowing when to refocuses attention.