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When Visainvested in Nigerien fintech Moniepointearlier this year , it did n’t just formalize the newly coin unicorn — it sign a bold new management .
As part of that mess , the Nigerien fintech best bed for building one of Africa ’s great occupation banking platforms , hinted at plans to integrate with Visa Direct , a move that would unlock international payment rails for remittances and cross - border services .
That scheme is now take shape with the launch ofMonieWorld , starting with the U.K.-Nigeria corridor , its first raid into diaspora - focused financial services . But this is n’t just another play for remittance volume , insists founder and CEO Tosin Eniolorunda . “ We ’re not trying to be a remission app , ” he told TechCrunch . “ We ’re building a right immigrant banking platform . ”
It ’s an challenging move . The remittance space , especially in the U.K.-Nigeria corridor , is one of the most crowded fintech vertical in Africa . FromLemFi , Send , andNalato Zepz and Taptap Send , migrants have no shortage of alternative . With streamlined user experience , low fees , and geezerhood of trade name equity , those officeholder have specify the space .
For most new immigrant , choosing a remittance app is one of the former financial determination they make — often through watchword of mouth . That entail MonieWorld is not only entering lately but will also have to compete with unseating incumbents already entrench in daily habit .
And while Moniepoint ’s entry brings scale and credibility , some beholder query whether the market ask another remittance platform .
Eniolorunda says MonieWorld wants to avail new immigrant ride out affiliated to family and obligations back home while nail down overseas . While there ’s trivial to no differentiation in product or pricing regarding the former ( remittances ) , one quick look at MonieWorld ’s web site will show positioning around providing honorable pricing than other chopine .
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But that in itself is n’t a moat and is often a wash to the bottom . Even Eniolorunda agrees : “ We ’re not taste to say we ’re here to be the cheapest , ” said the CEO . “ But because we already have an existing engineering science , processing rail , and have achieved economy of scale in many property , it means that we can give to be garish for our customers . ”
Moniepoint has spend years make substructure in Nigeria , from payment and cards to cite and compliancy for businesses and , more latterly , retail consumers . Its argument is that this same stack , repurposed for immigrants , can deliver more value than remain firm - alone remittance apps .
“ We ’ve provided well-off - to - usance , low-cost products in Nigeria , where we now offer payment , credit software , and debit and credit card services for our businesses and consumer , ” Eniolorunda says . “ We see that to complete the bike , we can also provide this same solidifying of services to our market place but in the diaspora . ”
Finding its place in a crowded market
remitment are the entry point . However , the retentive - term goal , Eniolorunda say , is to extend a broader rooms of financial tools like building credit . It ’s a upright that has taken off in the U.S. over the past couple of old age , wheredigital platforms like Zolvehelp immigrants access financial services , starting with credit as the hero sandwich , not remission ( Pillaris a exchangeable party in the U.K. ) .
“ When you settle into a Modern land , you require to build a mention history . People are trying to figure out and find their ground in new country , and if they can regain a chopine that form of understand their scenario and helps build credit , it ’s going to be great for them , ” allege the primary executive director while remaining tight - lipped on other features that MonieWorld could put up .
remission outpouring from the U.K.topped £ 9.3 billionin 2023 . Nigerians abroad send homeover $ 20 billion , according to the World Bank . It ’s a corridor where many players can presumptively be and have considerable market part . However , with these players contend on pricing or velocity — both now commoditized — Eniolorunda believes only a few will be winners by providing a superior experience .
As Moniepoint deepens its local step in African countries like Kenya , it plans to set up MonieWorld corridor for those diasporas in the U.K. , U.S. , or Canada , as is the next logical step . This manikin will allow the ten - old fintech to de - adventure its Nigeria - sullen operations by go around out its exposure — a pitch Eniolorunda say resonated with investor during its last salary increase .
Still , the challenge is existent : Moniepoint is mistreat into a ferociously competitive space , and it stay unclear how much margin is left to capture . While Eniolorunda watch inevitable consolidation ahead , the profitable fintech is bet that its base , compliance know - how , and deep cultural understanding will give it enough lift to count .
“ When we started Moniepoint and considered agency banking , it felt like we were go in recently . But the market grew , and look where we are now , ” Eniolorunda said , reflecting on Moniepoint ’s belated entry into federal agency banking in 2019 . “ The same could happen with remittal . Yes , there are many players , but there ’s still plenty of way to either take on more customers or offer additional services . ”
