Onome Amuge
Moniepoint Inc., one of Nigeria’s most prominent fintech unicorns, has clarified that the £1.2 million loss reported by its UK subsidiary, Moniepoint GB, for the 2024 financial year should not be interpreted as a financial setback but as an intentional investment in market entry and long-term infrastructure development.
The company, which has rapidly expanded across Africa by offering payments and financial solutions to small businesses, said the reported figure reflects set-up costs typical of fintechs establishing operations in mature and highly regulated markets like the United Kingdom.
A copy of Moniepoint GB’s financial statement, shows that the company also made a $2.5 million equity deposit toward its acquisition of Bancom, a UK electronic money firm. The acquisition, completed in July 2025, has provided Moniepoint with a fully licensed entity regulated by the UK’s Financial Conduct Authority (FCA), a critical step in positioning the company for cross-border financial services between the UK and Nigeria.
Moniepoint GB was incorporated in February 2024 and, as expected for a company in its formative phase, did not generate revenue during the year. The £1.2 million reported in the books covered administrative, regulatory, and technology-related expenditures aimed at building a secure and scalable operating framework.
“What has been reported as a £1.2 million loss actually reflects set-up costs, not an operational shortfall. These investments are standard for fintech firms entering new regulated markets where compliance, consumer protection, and infrastructure readiness are essential,” Moniepoint clarified in a statement.
The company added that the 2024 financial period was focused on establishing regulatory compliance systems, developing technology infrastructure, and strengthening customer support capabilities in anticipation of full-scale commercial rollout. These expenditures, Moniepoint explained, were critical to laying a strong foundation for sustainable growth and future profitability.
Industry analysts note that such spending is not unusual for fintech companies expanding into the UK market. “It’s quite typical for fintech entrants to absorb substantial upfront costs in compliance, licensing, and technology integration,” said a Lagos-based financial analyst.
Moniepoint’s acquisition of Bancom is viewed as a strategic leap that accelerates its entry into the UK’s financial ecosystem. Bancom, already authorised by the FCA, provides Moniepoint with the regulatory legitimacy needed to offer electronic money and remittance services without starting from scratch.
“This acquisition provides Moniepoint GB with an established, regulated entity through which we can operate, accelerating our ability to serve customers in the UK-Nigeria remittance corridor. By acquiring an already-authorised firm, we secure a solid regulatory foundation, which is paramount for providing reliable and compliant financial services,”the company said.
Through this acquisition, Moniepoint GB aims to deliver tailored products for the African diaspora, particularly Nigerians living in the UK who require efficient, transparent, and low-cost channels for cross-border transfers and payments.
In April 2025, Moniepoint GB launched its first product, MonieWorld, a cross-border payment platform that enables UK residents to send money directly to any Nigerian bank account using British debit cards, Apple Pay, Google Pay, or MonieWorld accounts. The launch marked Moniepoint’s formal entry into the UK market and its broader ambition to become the preferred financial platform for Africans abroad.
The company said additional products are already in development as part of its vision to create a seamless financial bridge between Africa and Europe. “Our goal is to serve the UK’s African diaspora and bring financial happiness to new markets—an ambition that naturally requires upfront investment in compliance, infrastructure, and people,” Moniepoint said.
Moniepoint’s UK move also complements its broader global expansion drive, coming on the heels of a $110 million investment round in 2024 that included Google among its investors. The funding boosted the company’s valuation to $1 billion, cementing its unicorn status and providing the financial muscle to scale operations internationally.
