Moniepoint is winding down MonieWorld, the app it launched about 16 months ago for sending money from the UK to Nigeria. The company announced the decision in August, saying it wanted to put its resources into its core African businesses, The Condia reported.
Was it a failure?
Not necessarily. Moniepoint said monthly transaction volume among MonieWorld’s diaspora users had grown 70%, though it did not share user numbers, revenue or profit. The move looks more like a decision to focus: Moniepoint is Nigeria’s largest payments company by merchant reach and faces intense competition at home.
What MonieWorld users should do
- Watch for emails and in-app notices from MonieWorld with the final date for transfers and how to withdraw any balance.
- Move any money left in your account before the deadline.
- Download your transaction history if you need it for records or tax.
- Remove saved card details once you have finished.
Alternatives for UK-to-Nigeria transfers
The Condia compared five established services: Africhange, LemFi, NALA, Taptap Send and Remitly. In its live check the exchange rates were close, between about ₦1,833 and ₦1,857 per pound, and most charged no separate fee to Nigeria. Key differences:
- Remitly is by far the largest, with 10.2 million quarterly active customers, and offers bank deposit, cash pickup and mobile wallet payouts.
- LemFi has more than one million active users and multi-currency wallets.
- Taptap Send has operated since 2018 and has over 40,000 Trustpilot reviews.
- NALA offers a broader multi-currency account and sends from the UK, US and Europe.
- Africhange is newer in the UK (July 2024) but often quotes strong rates and offers UK GBP accounts.
How to choose
Rates change by the hour, so compare the final naira amount your recipient receives, not the headline rate. Watch out for first-transfer promotions that apply only to a limited amount, and check the provider is authorised by the UK’s Financial Conduct Authority.
Source: The Condia.
