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’re here to be the cheapest,” said the CEO. “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.”

Moniepoint has spent years building infrastructure in Nigeria, from payments and cards to credit and compliance for businesses and, more recently, retail consumers. Its argument is that this same stack, repurposed for immigrants, can deliver more value than standalone remittance apps. 

“We’ve provided easy-to-use, affordable products in Nigeria, where we now offer payment, credit software, and debit and credit card services for our businesses and consumers,” Eniolorunda remarks. “We figured that to complete the cycle, we can also offer this same set of services to our market but in the diaspora.”

Remittances are the entry point. However, the long-term goal, he says, is to offer a broader suite of financial tools like building credit. It’s a vertical that has taken off in the U.S. over the past couple of years, where digital platforms like Zolve help immigrants access financial services, starting with credit as the wedge, not remittances (Pillar is a similar company in the U.K.). 

“When you settle into a new country, you need to build a credit history. People are trying to figure out and find their footing in new countries, and if they can find a platform that kind of understands their scenario and helps build credit, it’s going to be great for them,” said the chief executive while remaining tight-lipped on other features that MonieWorld could offer.  

Remittance outflows from the UK topped £9.3 billion in 2023. Nigerians abroad sent home over $20 billion, according to the World Bank. It’s a corridor where many players can presumably exist and have considerable market share. However, with these players competing on pricing or speed — both now commoditized — Eniolorunda believes only a few will be winners by providing a superior experience. 

As Moniepoint deepens its local footprint in African countries like Kenya, it plans to launch MonieWorld corridors for those diasporas in the UK, US, or Canada, as is the next logical step. This model will allow the decade-old fintech to derisk its Nigeria-heavy operations by spreading out its exposure — a pitch Eniolorunda says resonated with investors during its last raise.

Still, the challenge is real: Moniepoint is stepping into a fiercely competitive space, and it remains unclear how much margin is left to capture. While Eniolorunda sees inevitable consolidation ahead, the profitable fintech is betting that its infrastructure, compliance know-how, and deep cultural understanding will give it enough lift to matter.

“When we started Moniepoint and considered agency banking, it felt like we were entering late. But the market grew, and look where we are now,” Eniolorunda said, reflecting on Moniepoint’s late entry into agency banking in 2019. “The same could happen with remittances. Yes, there are many players, but there’s still plenty of room to either acquire more customers or offer additional services.”