Moniepoint is a Nigerian fintech company that plans to enter the remittance market with its new service, MonieWorld.
This platform facilitates money transfers from the UK to Nigeria, aiming to capture a share of the substantial remittance flows between these countries. The service is in its beta phase and is expected to launch publicly soon.
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MonieWorld features and benefits
MonieWorld offers several features that could make it an attractive option for users. It promises fast and secure transfers, allowing users to send money to Nigeria in seconds. The service boasts competitive exchange rates and no transfer fees, making it a cost-effective choice for those sending money across borders.
Users can fund their transfers via bank transfer, debit or credit card, or Google Pay, providing flexibility in payment methods.
Additionally, MonieWorld offers a GBP currency account, which can increase transfer limits and speed up transactions.
To use MonieWorld, users must be UK residents aged 18 or older and have valid mobile numbers. The service is not currently available for Nigerian users.
Moniepoint is positioning MonieWorld to compete with existing remittance services like LemFi, Africhange, and Kuda by offering a smoother user experience and potentially lower costs.
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Moniepoint takes on UK-Nigeria money transfers
The remittance market between the UK and Nigeria is substantial, with billions of pounds flowing annually. In 2023, the World Bank estimated remittance transactions to Nigeria at £9.3 billion.
This market is highly competitive, with numerous players offering similar services. Moniepoint’s entry into this space comes as the Central Bank of Nigeria aims to increase remittances to $1 billion monthly.
The company’s move is part of its broader strategy to expand its financial services, following its recent achievement of “unicorn” status after securing $110 million in funding.
Moniepoint processes about N30 trillion ($22 billion) monthly and wants to increase its market share through innovative services like MonieWorld.
MonieWorld was announced on Wednesday, marking a new chapter in Moniepoint’s expansion into international remittances. As the service prepares for its public launch, it will be interesting to see how it differentiates itself in a crowded market.