Since February 2024, Moniepoint‘s venture into the London remittance market has resulted in a $3.77 million expenditure, as revealed by official UK filings. The company initially allocated $7.39 million for its UK market entry, with nearly half of that budget already utilized.
From February through December 2024, Moniepoint reported a $1.26 million loss attributed to administrative and infrastructure costs. Additionally, it invested $2.51 million as an equity stake in acquiring Bancom, a UK Financial Conduct Authority (FCA)-regulated electronic money institution.
Moniepoint’s acquisition of Bancom, finalized in July 2025, is a strategic move designed to accelerate its UK market penetration and navigate regulatory requirements for operations within both the UK and the broader European Economic Area.
The UK hosts a significant Nigerian diaspora, with over 290,000 Nigerians residing there, making it a vital corridor for remittances to Nigeria. In 2021, Nigeria was the third-largest recipient of UK remittances, receiving approximately £2.76 billion ($3.69 billion). Moniepoint aims to capture a share of this lucrative market, competing with established players such as Grey and Lemfi.
Despite the current financial losses, Moniepoint remains optimistic about the demand for remittance services, which continues to be buoyed by steady fund flows from the UK to Nigeria. The company emphasized in its filings that while it has yet to generate revenue, it is prioritizing the enhancement of operational workflows, customer experience, and technological investments to boost transaction speed and security ahead of future revenue generation.
Moniepoint GB, the London-based subsidiary, was officially established on February 18, 2024. It did not report any income during 2024. The subsidiary’s inaugural offering, MonieWorld, launched in April 2025, enables UK residents to transfer funds directly to Nigerian bank accounts using MonieWorld accounts, UK bank cards, or digital wallets like Apple Pay and Google Pay.
According to insiders, MonieWorld has experienced a 70% growth rate and maintains a robust transaction volume. “Our services are well-received by the UK community,” one source shared. “We have increased visibility through advertising on public transport and participation in major diaspora events.” The company anticipates significant revenue growth over the next year, supported by ongoing backing from its parent organization.
A Moniepoint representative told TechCabal, “Moniepoint GB is dedicated to serving the African diaspora in the UK and delivering financial empowerment to a new audience. This vision necessitates upfront investments in compliance, infrastructure, and talent. The April 2025 launch of MonieWorld marks the initial phase of this journey, with additional products planned for rollout.”
Following a recent $120 million funding round featuring investors like Google and Visa, Moniepoint’s expansion ambitions remain strong. UK filings reveal the creation of a new subsidiary under Moniepoint GB, signaling potential plans to enter the US remittance market.
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