Moniepoint Groups bold expansion into the United Kingdom has cost the Nigerian fintech 3.77 million since February 2024, according to filings with UK regulators. The company allocated 7.39 million for its UK operations, spending nearly half on administrative costs and a strategic acquisition to fast-track its entry into the lucrative remittance market.
Regulatory filings show that between February and December 2024, Moniepoint spent 1.26 millionrecorded as a losson administrative and infrastructure expenses. An additional 2.51 million was committed as an equity deposit for the acquisition of Bancom, an electronic money institution regulated by the UKs Financial Conduct Authority FCA. The acquisition was approved in July 2025 and is expected to give Moniepoint a regulatory foothold in the UK and European Economic Area.
The UK, home to more than 290,000 Nigerians, is one of the most critical remittance corridors for Nigeria. In 2021, Nigeria ranked as the third-largest recipient of remittances from the UK, with inflows valued at 2.76 billion 3.69 billion. Moniepoints expansion positions it to compete with established players like Grey and Lemfi for a share of this market.
