Moniepoint gets $7.39 million strategic access to the UK fintech scene

Nigerian fintech giant Moniepoint has invested $7.39 million to establish its presence in London, marking a major step in its bid to capture a share of the UK-to-Africa remittances market.

The move comes as the company accelerates its global growth strategy and seeks to capitalize on one of the world’s most profitable diaspora remittance corridors.

The expansion in London will serve as Moniepoint’s international operations hub, enabling it to connect UK-based customers with affordable, faster and more reliable cross-border transfer options to Nigeria and other African markets.

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“Despite the trading losses, demand for remittance services in the market remains stable, supported by strong and consistent fund flows from the UK to Nigeria,” the company wrote in its regulatory filing. “While the Company did not generate revenue during the period, the Company focused on strengthening operational processes, improving customer service, and investing in technology to increase transaction efficiency and security in preparation for future activity.”

The company said the investment will be used for regulatory licensing, staffing, infrastructure and marketing aimed at positioning Moniepoint as a trusted alternative to traditional money transfer operators.

Analysts view the move as a calculated attempt to challenge incumbents such as WorldRemit, Wise and Remitly, by leveraging Moniepoint’s network in Africa and competitive pricing model.

This expansion also underscores the growing influence of African fintechs on the global stage, as they transition from local payment processors to international financial services providers.