Moniepoint’s £1.2m UK setup to boosts financial access for Nigerians abroad
Moniepoint Inc., a leading Nigerian fintech unicorn, is laying the groundwork to transform financial access for Nigerians in the UK through its subsidiary, Moniepoint GB, despite reporting a £1.2 million loss for the 2024 financial year.
According to a financial statement reviewed by BusinessDay, the loss reflects strategic setup costs for entering the UK’s highly regulated market, including a $2.5 million equity deposit for the acquisition of Bancom, a UK electronic money firm, completed in July 2025.
These investments are poised to enhance financial services for the UK’s African diaspora, particularly Nigerians seeking seamless cross-border transactions.
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Incorporated in February 2024, Moniepoint GB recorded no revenue during the year as it focused on building a secure and scalable platform.
The company clarified that the £1.2 million figure represents essential investments in technology, regulatory compliance, and customer support infrastructure, not an operational shortfall.
“What has been reported as a loss actually reflects set-up costs,” Moniepoint stated, emphasising that such expenditures are typical for fintechs entering markets with stringent standards like the UK. A key milestone in Moniepoint GB’s strategy is the acquisition of Bancom, an entity authorised by the UK’s Financial Conduct Authority (FCA).
This move provides a robust regulatory foundation, enabling Moniepoint GB to offer compliant and reliable financial services. “By acquiring an already-authorised firm, we secure a solid regulatory foothold, which is paramount for providing reliable financial services,” the company said.
This foundation is critical for serving Nigerians abroad, who rely on secure and efficient remittance channels to support families and businesses in Nigeria.
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Moniepoint GB’s first product, MonieWorld, launched in April 2025, allows UK residents to send money directly to any Nigerian bank account using a MonieWorld account, British bank cards, or Apple Pay and Google Pay. This service addresses a critical need for the UK’s Nigerian diaspora, offering a convenient and accessible way to transfer funds.
Moniepoint has signaled plans to roll out additional products, further strengthening financial connectivity between the UK and Nigeria.
Backed by a $110 million investment in 2024 from investors including Google, which elevated Moniepoint Inc. to a $1 billion valuation, the company is well-positioned to deliver on its mission of financial happiness.
