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.

Entering a saturated but profitable space in the UK–Nigeria money transfer corridor, Moniepoint is expanding internationally, working to solve real problems rather than building just another app promising “faster, cheaper” transfers.

For years, Moniepoint focused on digitising payments for Nigeria’s wide network of small businesses. Now, it wants to be the go-to bank for immigrants who straddle two continents.

In 2024 alone, Nigerians abroad sent home nearly $21 billion. About half of that came from the UK. That’s not small money. That’s why Moniepoint has chosen to start here.

At first glance, MonieWorld might seem like just another company among giants — Send, LemFi, NALA, Taptap Send — all fighting for attention from migrants eager to send money home. But there’s a bigger play at hand. “We’re not trying to be a remittance app,” said Tosin Eniolorunda, Moniepoint’s founder and CEO. “We’re building a proper immigrant banking platform.”

He’s not wrong to think bigger. New migrants need more than just a channel to send money back home. They need banking services that understand where they’re coming from — literally and culturally. They need help settling, saving, building credit, and navigating life in a new system that usually doesn’t see them.

There’s a challenge, of course. The market is crowded and competitive. Many of the popular apps today have strong networks and loyal users. People don’t switch financial tools on a whim — especially when word of mouth carries weight in immigrant communities. Moniepoint isn’t naïve to that.

“We’re not trying to say we’re here to be the cheapest,” Eniolorunda admits. “But because we already have an existing technology, processing rails, and have achieved economies of scale in many places, it’s a means that we can afford to be cheaper for our customers.”

So what’s different? For one, Moniepoint owns its infrastructure. It processes over a billion transactions monthly in Nigeria alone. It has the rails, the licenses, the experience. That end-to-end control is something many rivals can’t claim.

The app, MonieWorld, is already live on the App Store and Google Play. Transfers take seconds. There are no fees. Exchange rates are competitive and adjusted throughout the day. You can pay using bank transfers, cards, Apple Pay, or Google Pay.

MonieWorld is launching from London under Moniepoint GB — the company’s first real move outside Africa. But this is just the beginning. According to Eniolorunda, more corridors will follow. “The African diaspora needs a one-stop solution to better meet its financial services needs – and improve on the current fragmented market,” he said.

“Our expectation is that MonieWorld will enhance financial access for everyone involved, boosting UK-Nigeria bilateral trade and benefiting the global economy.”

The remittance business is known for razor-thin margins and fierce competition. But Moniepoint has never shied away from crowded spaces. When it entered agency banking in 2019, it was considered late. Now, it dominates. Maybe history is about to repeat itself.

As for the future? We don’t have all the details yet, but Moniepoint is hinting at credit-building tools and broader financial services for immigrants. If they pull that off — if they manage to be more than just a transfer app — they might just change the game again.