The platform, owned by ByteDance, has applied to Brazil’s central bank for two licences that would allow it to operate as a payments and lending company. The people told Reuters the plans are confidential and asked not to be named.

One of the licences would permit TikTok to act as an electronic money issuer. That would allow users to hold balances, receive funds and make payments within the app.

The second would enable it to operate as a direct credit company, meaning it could lend its own funds or connect borrowers with lenders, but not take deposits.

If regulators approve the applications, TikTok could begin offering basic financial services in one of the world’s most active digital banking markets.

Brazil has seen strong growth in fintech, with firms such as Nubank, Banco Inter, PicPayand Mercado Pago competing for users across payments and lending.

TikTok has not responded to requests for comment. Brazil’s central bank also declined to comment.

Still, there are signs the company is moving ahead with its plans. Executives from ByteDance, including payments head Liao Baohua, met central bank governor Gabriel Galipolo in Brasília in March 2026, according to his public schedule.

It is not yet clear whether TikTok intends to roll out a full set of financial products or focus on supporting transactions tied to content and e-commerce on its platform.

The company has taken similar steps elsewhere. In China, ByteDance launched its own payment service in 2021 to support shopping within its apps, competing with established platforms like Alipay and WeChat Pay.

In Indonesia, it pursued a payments licence in 2023 but was later blocked from handling transactions directly, forcing it to work with local partners.

Brazil has one of the highest rates of social media use globally, and TikTok already has a vast audience there, easing its new focus if the payments licence is approved.

By late 2025, the platform had about 131 million adult users in the country, with advertising reaching 80% of that population, according to DataReportal.

The company has also shown a long-term commitment to the market. It said last year it would invest more than 200 billion reais, or about $38.4 billion, in a data centre in Brazil.

Regulators have encouraged competition in financial services but still keep a close watch on new entrants, especially foreign firms handling payments and user data.

The fintech firm said the figure captured administrative and infrastructure expenses incurred while establishing its UK base in 2024. A look into the financial filings shows that Moniepoint also made a $2.5 million equity deposit for the acquisition of Bancom Europe Ltd, a UK-licensed electronic money institution under the Financial Conduct Authority (FCA).

Moniepoint GB, incorporated in February 2024, did not generate any revenue for the year. However, the company said this was expected for a new entrant still building its foundation in a tightly regulated market.

“What has been reported as £1.2 million loss actually reflects set-up costs, not operational shortfall,” the company stated.

Moniepoint explained that the so-called UK loss is part of a deliberate early-stage investment phase, one that included heavy spending on technology infrastructure, compliance systems, and staffing to meet the stringent standards of the UK’s financial environment.

According to the company, these investments were necessary to ensure operational readiness and compliance before the full commercial rollout. “Moniepoint GB’s financial results for the period February to December 2024 reflect the expected early-stage investment phase common across financial services firms entering new regulated markets,” the company said. 

“The company’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.”

The acquisition of Bancom in July 2025 was a big part of this strategy. By acquiring an already-authorised electronic money institution, Moniepoint GB gained an immediate regulatory foothold, avoiding the lengthy and often complex process of securing its own FCA licence from scratch.

“This acquisition provides Moniepoint GB with an established, regulated entity through which we can operate, accelerating our ability to serve customers in the UK-Nigeria remittance corridor,” the company said. 

“By acquiring an already-authorised firm, we secure a solid regulatory foundation, which is paramount for providing reliable and compliant financial services.”

Following the acquisition, Moniepoint launched MonieWorld in April 2025, its first UK-facing product that enables residents to send money directly to Nigerian bank accounts using British bank cards, Apple Pay, or Google Pay. The product reportedly recorded a 70% increase in transaction volume within months of launch, revealing early traction among the diaspora.

Moniepoint has since embarked on an aggressive marketing drive across UK trains and diaspora events to deepen brand visibility. The company said additional products are in the pipeline as it strengthens its presence among Africans living in the UK.

The UK currently hosts over 290,000 Nigerians, making it one of the busiest remittance corridors to Nigeria. In 2021 alone, Nigeria received £2.76 billion ($3.69 billion) in remittances from the UK, a figure that shows the scale of opportunity Moniepoint seeks to capture.

Backed by a $110 million investment secured in late 2024 from investors including Google and Visa, Moniepoint’s valuation rose to $1 billion. The funding, according to analysts, gives its UK expansion the financial muscle and runway needed to compete in one of the world’s most regulated fintech markets.

This appointment comes on the heels of Wave’s recent $137 million debt funding round aimed at scaling its operations in both new and existing markets. 

Having recently entered the Cameroonian market, Wave is positioning itself to compete for market share with already established telecoms like MTN and Orange in the country. 

The company currently operates in eight African countries, including Senegal, Côte d’Ivoire, Mali, The Gambia, Burkina Faso, and Cameroon.

Ndjodo is a digital financial services specialist with over two decades of experience in both local and international management roles. His career spans the telecoms, oil, and consulting sectors, and he previously served as MTN Cameroon’s Senior Mobile Money Manager.

Wave officially entered Cameroon through a strategic partnership with Commercial Bank Cameroon (CBC).

Authorised by the regional banking regulator, Cobac, the partnership allows CBC clients to perform cash deposits, withdrawals, pay bills, receive international transfers, buy airtime, and move money between mobile wallets and bank accounts.

In his new role, Ndjodo is tasked with sustainably establishing Wave’s presence in Cameroon and positioning the fintech to tap into the country’s fast growing and competitive financial services market.