Fintech company Moniepoint has pulled the plug on its UK money transfer arm, MonieWorld. The business is being suspended indefinitely as the company shifts attention back to its main operations across Africa.
The decision was announced on Tuesday following an internal review of the company’s portfolio. Moniepoint said the move is aimed at aligning resources with its long-term strategic goals and doubling down on markets where it already has strong traction.
MonieWorld was launched to serve the UK-to-Africa remittance corridor and attracted more than $2.5 million in investment. Despite the funding and early rollout, the company has now decided the UK venture no longer fits its current growth priorities.
According to the statement, management concluded that concentrating on core African markets will deliver better returns and impact. That means redirecting capital, talent, and operational focus away from the UK and toward expanding financial services on the continent.
Moniepoint emphasized that the suspension does not affect its other products. The company remains committed to building digital banking, business payments, and agency banking solutions in Nigeria and other African countries, where demand continues to grow rapidly.
Moniepoint Shuts Down UK Remittance Service to Refocus on Africa After $2.5m Bet
