Fintech Startup Moniepoint Expands into Immigrant Banking with MonieWorld
Earlier this year, when Visa made an investment in Nigerian fintech Moniepoint, it not only validated the company as a unicorn but also signaled a new direction for the fintech industry. The deal hinted at plans to integrate with Visa Direct, unlocking international payment rails for remittances and cross-border services.
Now, Moniepoint is launching MonieWorld, starting with the U.K.-Nigeria corridor, marking its first venture into diaspora-focused financial services. Founder and CEO Tosin Eniolorunda emphasizes that MonieWorld is not just another remittance app but a comprehensive immigrant banking platform.
Entering a crowded market in the U.K.-Nigeria remittance corridor, MonieWorld faces stiff competition from established players like LemFi, Send, and Nala. These incumbents have already captured market share with their user-friendly interfaces, low fees, and strong brand recognition.
Despite the challenges, MonieWorld aims to differentiate itself by offering better pricing and a broader range of financial tools, such as credit-building services. Eniolorunda envisions a platform that helps immigrants establish themselves in their new country by providing essential financial services beyond just remittances.
Finding Its Niche in a Competitive Landscape
While remittances serve as the initial entry point for MonieWorld, the long-term goal is to offer a comprehensive suite of financial solutions, including credit-building services. This strategy mirrors successful models in the U.S., where platforms like Zolve focus on helping immigrants access financial services through credit as a starting point.
With remittance outflows from the U.K. exceeding £9.3 billion and Nigerians abroad sending over $20 billion back home, the U.K.-Nigeria corridor presents a lucrative opportunity for fintech players. However, Eniolorunda believes that only a few players will emerge as winners by providing a superior customer experience.
As Moniepoint expands its footprint in African countries like Kenya, it plans to launch MonieWorld corridors for diasporas in the U.K., U.S., and Canada. This diversification strategy aims to reduce the company’s reliance on the Nigerian market and attract global investors.
Despite the competitive landscape, Eniolorunda remains confident in Moniepoint’s ability to succeed. By leveraging its existing infrastructure, compliance expertise, and cultural understanding, the fintech aims to carve out a niche in the immigrant banking space and capture a significant market share.
