Moniepoint Inc. has announced a significant evolution in its UK operations, transitioning from a service distributor to a fully licensed e-money issuer. This development follows the acquisition of an established e-money institution, empowering Moniepoint to issue its own sterling accounts. The move signals a new era of autonomy and service enhancement for its international money transfer service, MonieWorld.
A New Chapter in UK Operations
Moniepoint UK Ltd, a subsidiary of the parent company, will now provide GBP accounts using its own sort code, 04-19-29. This direct integration connects the company to the UK's primary payment infrastructure, including Faster Payments (FPS), Bacs, and CHAPS. Consequently, users will benefit from instant payment processing for funding accounts and executing transfers.
This marks a departure from its previous model, where Moniepoint GB Limited functioned as a distributor for PayrNet Limited (Railsr). The company has communicated that all new customer accounts from December 1, 2025, will be opened under the new entity. Existing accounts will be migrated, with customers receiving individual notifications about their transition dates.
The Strategic Imperative for Autonomy
The decision to secure an e-money issuer (EMI) licence stems from a strategic need for greater control and stability. Operating as a distributor meant Moniepoint's services, branding, and risk appetite were subject to its licensed partner's oversight. This dependency created potential vulnerabilities to service interruptions beyond the company's direct control.
According to Alison Donnelly of regulatory consulting firm fscom, owning a licence allows a firm to be in greater control of its destiny. As a distributor, a company's operations can be affected by the choices of its EMI partner and their banking relationships. This acquisition mitigates such third-party risks and provides a more robust foundation for growth.
Acquiring Capabilities for Future Growth
To facilitate this transition, Moniepoint acquired Bancom Europe LTD, securing an existing EMI licence and technical integrations. The acquired company was officially renamed Moniepoint UK LTD on September 12, 2025, cementing its integration into the Moniepoint group. This was a critical step in accelerating its path to becoming a direct financial service provider.
An EMI licence grants Moniepoint the authority to issue payment accounts, process remittances, and connect directly to payment systems. This capability is fundamental to the core services offered by MonieWorld, which launched in April 2025. The platform enables UK residents to send funds to Nigeria and manage sterling balances seamlessly.
Enhanced Services and European Expansion
With the new licence, Moniepoint is positioned to significantly enhance its product offerings for MonieWorld users. The company can now explore becoming a direct member of major card schemes like VISA and Mastercard. This would enable the issuance of its own branded payment cards, adding significant utility for its customers.
Beyond product enhancements, the acquisition provides a strategic gateway for expansion into the European market. The passporting rights included with the EMI licence allow Moniepoint to offer its services across the European Union. This sets the stage for a broader international footprint beyond the UK-Nigeria remittance corridor.
Moniepoint's move to become a licensed e-money issuer in the UK is a pivotal moment in its global expansion. By taking direct control of its financial infrastructure, the company de-risks its operations and unlocks potential for product innovation and market growth. This strategic investment underscores Moniepoint's ambition to become a leading, integrated player in the international fintech arena.