Moniepoint, Nigeria’s newest tech unicorn, is entering the $20 billion remittance market with the beta launch of its latest product, MonieWorld, aimed at facilitating cross-border money transfers, starting with the UK-Nigeria corridor.
According to a report by Condia, MonieWorld is currently in its beta testing phase and is expected to launch publicly soon.
The platform allows UK residents aged 18 and above with a valid mobile number to open a MonieWorld UK account and send money seamlessly to Nigeria.
This move positions Moniepoint to capture a share of Nigeria’s massive diaspora remittance inflow, which reached $20 billion in 2023, according to the World Bank. The UK alone contributed £9.3 billion, with Nigeria being one of the top recipients.
“Moniepoint is strategically tapping into global remittance flows to diversify its services and expand its footprint in cross-border financial services,” analysts say.
With this expansion, Moniepoint aims to simplify remittance transactions, enhance financial inclusion, and offer a cost-effective alternative to traditional money transfer platforms for millions of Nigerians abroad.
Diaspora remittances are a crucial source of foreign exchange for Nigeria, supplementing both foreign direct investment and portfolio investments. The Central Bank of Nigeria (CBN) reported remittance inflows of $553 million in July 2024.
Since Moniepoint became a unicorn, the company has seen investments from corporates like Visa and engaged in a hiring spree amid other expansion plans.