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Hello, tech enthusiasts! Today we delve into the transformative world of fintech as we explore the exciting innovations brought forth by Moniepoint in the remittance sector.
Earlier this year, when Visa decided to invest in Nigerian fintech Moniepoint, it wasn’t just a nod to its unicorn status. This partnership promised to pave a bold new path forward, aiming to integrate services that enhance international payments, particularly focusing on remittances and cross-border financial transactions.
The company’s latest venture, MonieWorld, is making a splash with its initial service targeting the UK–Nigeria corridor. This move is not merely an entry into financial services for the diaspora—it’s a mission to create a comprehensive banking platform tailored for immigrants.
Moniepoint’s founder, Tosin Eniolorunda, emphasizes their vision: “We’re not just another remittance app.” The ambition is grand, as the remittance landscape is teeming with competition, especially in Africa, with established players already capturing market share.
Despite the crowded market, Moniepoint is not deterred. Eniolorunda states that their aim with MonieWorld is to forge deeper connections for new immigrants as they navigate life in a new country, pledging to provide not only remittance services but also crucial tools to build credit and financial independence.
Moniepoint’s strategy hinges on leveraging its robust existing infrastructure, which includes payments and credit services for businesses in Nigeria. This approach aims to deliver value that outshines standalone remittance solutions.
While the immediate goal focuses on capturing the remittance market, the long-range vision revolves around diversifying their financial offerings, including credit building—a critical need for newcomers.
Remittance inflows into Nigeria have been substantial, yet as competition ramps up with lower fees and speed becoming standardized, Moniepoint believes offering a superior customer experience will set them apart.
As the company continues to expand its reach and solidify its presence in various countries, including Canada and the US, the journey of Moniepoint exemplifies the evolving landscape of fintech, where infrastructure, compliance, and cultural understanding are key to success.
