Moniepoint Targets UK–Nigeria Corridor With New Remittance Product

Key Takeaways

Moniepoint’s launch of MonieWorld marks a strategic pivot into diaspora banking, leveraging its existing tech and compliance stack to move beyond commoditized remittance offerings. While incumbents dominate in user acquisition and speed, Moniepoint is betting that it can compete on end-to-end financial services, especially credit building and localized support. Eniolorunda argues that offering only remittances is no longer sufficient in a space where pricing and speed have converged. Instead, MonieWorld is pitching long-term value for immigrants navigating financial systems abroad. As remittance corridors grow more crowded, Moniepoint’s approach to bundle remittances with financial products, similar to neobank models, could give it a path to durable margins and customer retention. It also helps reduce Moniepoint’s reliance on Nigeria by expanding into mature foreign markets with large diaspora populations. While challenges around user trust and brand recognition remain, the company’s track record of late but successful entries into competitive markets could work in its favor.