Visa-backed African unicorn Moniepoint tackles remittances. But is it late to the game?
- Visa invested in Nigerian fintech Moniepoint, validating its status as a unicorn and signaling a new direction.
- Moniepoint launched MonieWorld, targeting the UK-Nigeria corridor for diaspora-focused financial services.
- MonieWorld aims to provide a comprehensive immigrant banking platform rather than just a remittance app.
While Moniepoint's entry into the remittance market is ambitious, the crowded landscape poses significant challenges. The focus on providing a broader suite of financial services could differentiate MonieWorld, but it remains to be seen if they can effectively compete against established players with strong brand loyalty. A strategic approach to customer acquisition and service differentiation will be crucial for their success.
