Nigerian fintech giant Moniepoint has invested $7.39 million to establish its presence in London, marking a significant step in its effort to capture a share of the UK-to-Africa remittance market.
This expansion is part of the company’s strategy to accelerate its global growth and tap into one of the most lucrative diaspora remittance corridors in the world. The London office will serve as a hub for Moniepoint’s international operations, allowing it to provide UK-based customers with affordable, faster, and more reliable cross-border transfer options to Nigeria and other African markets. In its regulatory filings, the company noted, “Despite the trading loss, demand for remittance services in the market has remained stable, supported by the strong and consistent flow of funds from the UK to Nigeria.” Although Moniepoint 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 funds from this investment will be allocated toward obtaining regulatory licenses, hiring staff, building infrastructure, and marketing efforts aimed at positioning Moniepoint as a trusted alternative to traditional money transfer operators. Analysts view this move as a strategic effort to challenge established players like WorldRemit, Wise, and Remitly by leveraging Moniepoint’s extensive African network and competitive pricing model.
This expansion also highlights the growing influence of African fintech companies on the global stage as they evolve from local payment processors to international financial service providers.