Visa-backed African unicorn Moniepoint tackles remittances. But is it late to the game?

Summary

When Visa invested in Nigerian fintech Moniepoint earlier this year, it didn’t just validate the newly minted unicorn — it signaled a bold new direction. As part of that deal, the Nigerian fintech best known for building one of Africa’s largest business 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 strategy is now taking shape with the launch of MonieWorld, starting with the UK–Nigeria corridor, its first foray into diaspora-focused financial services. But this isn’t just another play for remittance volume, insists founder and CEO Tosin Eniolorunda. “We’re not trying to be a remittance app,” he told TechCrunch. “We’re building a proper immigrant banking platform.” It’s an ambitious move. The remittance space, especially the UK–Nigeria corridor, is one of the most crowded fintech verticals in Africa. From LemFi, Send and NALA to Zepz and Taptap Send, migrants have no shortage of options. With sleek user experiences, low fees, and years of brand equity, those incumbents have defined the space. For most new immigrants, choosing a remittance app is one of the earliest financial decisions they make — often through word of mouth. That means MonieWorld is not only entering late but will have to contend with unseating incumbents already entrenched in daily habits. And while Moniepoint’s entry brings scale and credibility, some observers question whether the market needs another remittance platform. Eniolorunda says MonieWorld wants to help new immigrants stay connected to family and obligations back home while settling abroad. While there’s little to no differentiation in product or pricing regarding the former (remittances), one quick look at MonieWorld’s site will show positioning around providing better pricing than other platforms. But that in itself isn’t a moat and is often a race to the bottom. Even Eniolorunda agrees: “We’re not trying to say we’r...