Moniepoint’s ambitious push into the London remittance market has come at a significant cost, with the fintech company incurring a loss of $3.77 million since February 2024, based on UK regulatory filings. To fund its expansion, Moniepoint Group allocated $7.39 million, and so far, nearly half of that amount has been spent.
Between February and December 2024, Moniepoint’s London subsidiary expended $1.26 million on administrative and infrastructure costs, which were recorded as losses. Additionally, $2.51 million was set aside as an equity deposit for the acquisition of Bancom, an electronic money institution regulated by the UK’s Financial Conduct Authority (FCA). This acquisition, which received approval in July 2025, is seen as a crucial move to expedite Moniepoint’s expansion in the UK and Europe by clearing regulatory barriers and establishing a foothold in the region.
The UK is home to a large Nigerian diaspora, with over 290,000 Nigerians residing there, making it a critical remittance corridor for money flowing back to Nigeria. In 2021, Nigeria was the third-largest recipient of remittances from the UK, with inflows reaching £2.76 billion ($3.69 billion). Recognizing the importance of this market, Moniepoint aims to capture a share of the remittance pie, where it will face competition from players like Grey and Lemfi.
Despite the trading loss, Moniepoint noted in its filings that demand for remittance services in the UK has remained stable, bolstered by the steady flow of funds from the UK to Nigeria. “While the Company did not generate revenue during the period, it has focused on strengthening operational processes, enhancing customer service, and investing in technology to improve transaction efficiency and security in preparation for future activity,” the company stated.
Moniepoint GB, the London arm of Moniepoint Group, was incorporated on February 18, 2024, and did not record any revenue during 2024. The company launched its first product, MonieWorld, in April 2025. This service allows UK residents to send money directly to any Nigerian bank account through a MonieWorld account, British bank cards, or Apple Pay and Google Pay.
Early indications show that MonieWorld is performing well, with insiders reporting a 70% growth rate and a robust transaction volume. “People in the UK use us,” said one insider. “We have been advertising on trains and showing up at major diaspora events.” The company is optimistic about its revenue prospects over the next 12 months, with continued backing from its parent company.
A Moniepoint spokesperson emphasized the long-term vision behind the company’s UK expansion: “Moniepoint GB’s focus is on serving the UK’s African diaspora and bringing financial happiness to a new market – an ambition that naturally requires upfront investment in compliance, infrastructure, and people.” The spokesperson added that the launch of MonieWorld in April 2025 marked the first step in achieving this vision, with more products set to follow.
Moniepoint’s expansion is supported by a recent $120 million funding round, backed by prominent investors such as Google and Visa. The company’s growth strategy extends beyond the UK, with filings revealing the incorporation of a new subsidiary under Moniepoint GB, hinting at potential plans to enter the US remittance market. The company’s global ambitions appear to be just beginning, with significant investments and strategic moves paving the way for future success.
