Expanding services to engage and cater to African communities worldwide
In a significant move to enhance financial connections between Africa and its diaspora, Moniepoint Inc., a leading innovator in African fintech, has launched MonieWorld. This new financial solution is designed specifically for Africans living abroad, particularly in markets like the UK.
Moniepoint, founded in 2015 by Tosin Eniolorunda, the Group CEO, and Felix Ike, the CTO, has been at the forefront of driving digital and financial inclusion in Africa. The company has grown exponentially over the last decade, servicing millions of businesses and individuals. Moniepoint's mission began with improving financial inclusion in Africa by providing accessible digital banking, credit, payments, and business management services. With MonieWorld, this mission extends internationally.
MonieWorld is aimed at facilitating seamless, reliable, and fee-free remittances and digital financial services for Africans living abroad. It addresses a key pain point for many Africans who wish to send money home, providing a critical financial bridge between families, entrepreneurs, and communities. This offering marks Moniepoint’s first direct-to-consumer service outside of Africa, expanding their impact globally.
The global Nigerian diaspora remitted over $20 billion in 2024, an increase of 9% on 2023. MonieWorld's purpose is to enable instant, convenient, and cost-effective money transfers from the diaspora to Africa. By doing so, it strengthens economic ties between the diaspora and their families and businesses back home.
Moniepoint Inc. has been instrumental in helping the Nigerian government's efforts to improve financial inclusion. The company has processed over 1 billion transactions monthly with a total payments volume of over $22 billion in Nigeria. This growth has been reflected in Moniepoint's revenue, which has grown at over 150% CAGR, making it one of Africa's fastest growing fintechs.
Recently, Moniepoint Inc. raised $110 million on the capital markets, a testament to the faith investors have in the company's ability to foster economic activity and development. Moniepoint's all-in-one digital payments and banking platform caters to various financial needs such as school fees, medical expenses, business support, and everyday living expenses.
In addition to its domestic success, Moniepoint has entered international markets to serve customers around the world. The investment in Moniepoint is a result of the company's impact in driving digital and financial inclusion. Moniepoint's Moonshot by Moniepoint's website is returning to Lagos on October 15-16, featuring Africa's top founders, creatives, and tech leaders for 2 days of keynotes, mixers, and future-forward ideas. Early bird tickets are now 20% off.
MonieWorld intends to cater to the financial needs of the African diaspora, particularly Nigerians in the UK, by creating a seamless bridge between their financial lives in both Nigeria and the UK. This move further solidifies Moniepoint's position as Africa's fastest-growing fintech and its commitment to financial inclusion and economic growth, both locally and internationally.
[1] Moniepoint's Press Release: Introducing MonieWorld - A Financial Solution for the African Diaspora [2] Moniepoint's Website: About Us [3] Moniepoint's Blog Post: MonieWorld: Our New Financial Solution for the African Diaspora [4] Moniepoint's Twitter Announcement: MonieWorld is Now Live!
- Moniepoint Inc., a rapidly growing fintech company based in Africa, has launched MonieWorld, a financial solution specifically designed for Africans living abroad, aiming to facilitate fee-free, reliable, and seamless remittances and digital financial services.
- Recognized for its impact in driving digital and financial inclusion, Moniepoint has expanded its services beyond Africa, launching MonieWorld to cater to the financial needs of the African diaspora, particularly Nigerians in the UK, creating a bridge between their financial lives in both Nigeria and the UK.
- The launch of MonieWorld is a significant step forward for Moniepoint, marking its first direct-to-consumer service outside of Africa, and extending its mission of financial inclusion and economic growth globally.
