Moniepoint Group’s bold expansion into the United Kingdom has cost the Nigerian fintech $3.77 million since February 2024, according to filings with UK regulators. The company allocated $7.39 million for its UK operations, spending nearly half on administrative costs and a strategic acquisition to fast-track its entry into the lucrative remittance market.
Regulatory filings show that between February and December 2024, Moniepoint spent $1.26 million—recorded as a loss—on administrative and infrastructure expenses. An additional $2.51 million was committed as an equity deposit for the acquisition of Bancom, an electronic money institution regulated by the UK’s Financial Conduct Authority (FCA). The acquisition was approved in July 2025 and is expected to give Moniepoint a regulatory foothold in the UK and European Economic Area.
The UK, home to more than 290,000 Nigerians, is one of the most critical remittance corridors for Nigeria. In 2021, Nigeria ranked as the third-largest recipient of remittances from the UK, with inflows valued at £2.76 billion ($3.69 billion). Moniepoint’s expansion positions it to compete with established players like Grey and Lemfi for a share of this market.
Despite not generating revenue in its first year of UK operations, Moniepoint said demand for remittance services has remained stable. “While the Company did not generate revenue during the period, it has focused on strengthening operational processes, enhancing customer service, and investing in technology to improve transaction efficiency and security in preparation for future activity,” the company wrote in its filings.
Moniepoint GB, the London subsidiary, was incorporated on February 18, 2024. Its first product, MonieWorld, launched in April 2025, allowing UK residents to send money directly to Nigerian bank accounts using British bank cards, Apple Pay, Google Pay, or their MonieWorld account. According to company insiders, the platform has already recorded a 70% growth rate and healthy transaction volumes, supported by advertising campaigns across trains and major diaspora events.
“Moniepoint GB’s focus is on serving the UK’s African diaspora and bringing financial happiness to a new market—an ambition that naturally requires upfront investment in compliance, infrastructure, and people,” a company spokesperson said.
The company, recently backed by $120 million from investors including Google and Visa, is signaling further expansion. UK filings show that Moniepoint has incorporated a new subsidiary under Moniepoint GB, pointing to possible entry into the US remittance market as its next frontier.
