Visa's investment in Nigerian fintech Moniepoint marks a significant shift in strategy towards cross-border payments in Africa, particularly with the launch of MonieWorld. This platform, starting with the UK-Nigeria corridor, aims to serve immigrants beyond just remittances—it's striving to become a comprehensive banking solution for immigrants. Tosin Eniolorunda, the CEO, recognizes the challenges posed by entrenched competitors in the remittance market but insists that MonieWorld seeks to address deeper financial needs for immigrants, enhancing their connection to families and communities back home.
When we designed MonieWorld, we aimed not just at remittances but at creating a comprehensive immigrant banking solution that can nurture ongoing connections for families.
There are several established players in the remittance sector that have built consumer trust over the years; for us, the challenge is to offer more than they do.
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