EXCLUSIVE: Moniepoint tests remittance product
- Moniepoint is set to launch a new remittance product 'MonieWorld' for users in the UK to send money to Nigeria.
- The remittance product is currently in beta testing and is scheduled for public launch soon.
- The World Bank estimates that remittance flows from the UK to Nigeria reached £9.3 billion in 2023.
Moniepoint's entry into the remittance space with MonieWorld is a promising development, given the substantial remittance flows to Nigeria. However, the company must focus on differentiating its services in a saturated market to attract and retain customers. The pursuit of a commercial banking license could provide a significant competitive advantage, but it will require careful navigation of regulatory challenges.
