Moniepoint, a prominent player in the fintech sector, has officially launched MonieWorld, a financial services platform aimed at the Nigerian diaspora. This new undertaking is Moniepoint’s first step into diaspora-centric financial services, starting with the UK–Nigeria corridor. The fintech platform envisions a future where immigrants have access to a holistic suite of financial products tailored to their unique needs. It focuses on providing an amazing user experience over just increasing remittance revenue.
Tosin Eniolorunda, founder and CEO of Moniepoint, underlined the mission of MonieWorld. The product is designed to serve the specific financial requirements of Nigerians living abroad. He stressed that the platform is more than just another remittance app. It aims to provide high-quality financial products accessible to immigrants so they can effectively adapt to new communities. “We’re not trying to be a remittance app,” he said. MonieWorld’s main emphasis will be on providing credit as their core service. This will go a long way in helping users establish a positive credit history in their new home.
The launch comes as remittance outflows from the UK reach a record £9.3 billion in 2023. At the same time, Nigerians living outside the country have sent over $20 billion home, per World Bank data. Eniolorunda noted that MonieWorld’s strategy is to enhance the overall user experience while derisking Moniepoint’s operations, which have been heavily focused on Nigeria. By increasing the geographic scope of its service offerings, the company is seeking to reduce its overall exposure and in the process develop a more stable business.
MonieWorld’s integration with Visa Direct will unlock the power of international payment rails, enabling seamless remittances and cross-border services for its users. This partnership is a natural fit with Moniepoint’s long-standing commitment to investing in Nigeria’s infrastructure. It includes all the payment solutions, credit options, and compliance measures businesses and retail consumers need.
Eniolorunda reiterated MonieWorld’s disruptive approach to pricing. We know it’s not the most affordable solution, and maybe it’s not the fastest, but we’re all about ease-of-use and providing a relatively inexpensive solutions. “We’ve provided easy-to-use, affordable products in Nigeria, where we now offer payment, credit software, and debit and credit card services for our businesses and consumers,” he explained.
The founder noted the need for closing the financial gap experienced by immigrants. Once you arrive and begin making a new country your home, there are other steps you need to take, like establishing a credit history. People are trying to find their footing in new countries, and if they can find a platform that understands their scenario and helps build credit, it’s going to be great for them,” Eniolorunda remarked.
With Moniepoint’s 10-plus-year history as a fintech company behind it, the team has the know-how to make MonieWorld a strong success out the gate. The social networking platform helps Nigerians in diaspora to stay connected. It gets them the financial services they need—fundamental, financial tools delivered creatively to suit their distinct needs. By putting credit front and center as the first product, MonieWorld distinguishes itself from other remittance apps right away.
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