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

Tech Crunch - Apr 16th, 2025

Nigerian fintech Moniepoint has launched MonieWorld, marking its entry into the competitive remittance market, starting with the UK–Nigeria corridor. This move is part of a broader strategy to offer a comprehensive banking platform for immigrants, leveraging its existing infrastructure and Visa's investment. Unlike traditional remittance apps, MonieWorld aims to provide a full suite of financial services tailored to immigrants, including credit-building tools. Founder and CEO Tosin Eniolorunda emphasizes that while remittances are the entry point, the long-term goal is to offer more than just low fees, aiming to create a superior customer experience through established processing rails and economies of scale.

The launch signifies Moniepoint's ambition to extend its footprint beyond Nigeria, where it has already established a strong infrastructure in payments, cards, and credit. Despite entering a crowded market with established players like LemFi and Zepz, Moniepoint believes its comprehensive service offering and cultural understanding can differentiate it from incumbents. The fintech company hopes to mitigate risks associated with its Nigeria-heavy operations by expanding internationally, a move that has garnered investor confidence. With remittance outflows from the UK reaching £9.3 billion in 2023, and Nigerians abroad sending home over $20 billion, Moniepoint sees significant opportunity despite the challenges of competing on pricing and speed in an already commoditized market.

Visa Fintech Financial Services Moniepoint Monie World Tosin Eniolorunda Remittances Uk Nigeria Corridor Immigrant Banking

Story submitted by Fairstory

RATING

7.0

Fair Story

Consider it well-founded

The article provides a detailed and timely account of Visa's investment in Moniepoint and the launch of MonieWorld, focusing on the competitive remittance market. It presents a balanced view of Moniepoint's strategic initiatives and challenges, supported by direct quotes from the company's CEO. However, the article relies heavily on a single source and lacks detailed information about the investment's terms and the broader implications for the fintech industry. While the article is clear and engaging, it could benefit from additional perspectives and background information to enhance its public interest appeal and impact. Overall, the article is a solid piece that addresses important developments in the fintech sector but could be strengthened by incorporating more diverse sources and exploring potential controversies.

Accuracy

The article provides a detailed account of Visa's investment in Moniepoint and its implications for the fintech industry. The claim that Visa invested in Moniepoint and the strategic intent behind this move is supported by the article's content, which aligns with known facts about Visa's interest in expanding digital payment solutions in Africa. The story accurately describes Moniepoint's launch of MonieWorld and its focus on the UK–Nigeria corridor, a known competitive remittance market. However, the article does not provide specific financial details of the investment or the exact terms, which are crucial for a complete verification of the claims. The discussion of Moniepoint's infrastructure and service offerings in Nigeria is consistent with the company's known operations, but the article could benefit from additional data or sources to verify MonieWorld's market positioning and future service offerings.

Balance

The article presents a balanced view of Moniepoint's strategic moves and challenges without overt bias. It acknowledges the competitive nature of the remittance market and the challenges MonieWorld faces in differentiating itself from established players. The perspectives of Moniepoint's CEO, Tosin Eniolorunda, are prominently featured, providing insight into the company's strategic vision. However, the article could have included more perspectives from industry analysts or competitors to provide a fuller picture of the market dynamics and competitive landscape. This would have enhanced the balance by offering a broader range of viewpoints.

Clarity

The article is clear and well-structured, with a logical flow that guides the reader through Moniepoint's strategic initiatives and the competitive landscape of the remittance market. The language is accessible, and the tone is neutral, making the content easy to understand. The use of direct quotes from the CEO adds clarity to Moniepoint's strategic intentions. However, the article could improve clarity by providing more background information on the fintech industry and the specific challenges faced by new entrants in the remittance market.

Source quality

The article relies heavily on statements from Moniepoint's CEO, which provides direct insight into the company's plans and strategies. However, the reliance on a single source, particularly one with a vested interest, may affect the impartiality of the reporting. The article would benefit from additional sources, such as industry experts or independent analysts, to corroborate the claims made and provide a more comprehensive perspective on the fintech market and Moniepoint's position within it.

Transparency

The article is transparent about its sources, primarily quoting Moniepoint's CEO. However, it lacks detailed information about the methodology behind Visa's investment and the specific terms of the deal, which would provide greater context and transparency. The article does not disclose any potential conflicts of interest, such as relationships between the publication and the companies involved, which is important for assessing the impartiality of the content.