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Hello fintech friends,
"Times have changed and times are strange, here I come, but I ain’t the same." You know this hook, right? That is the Moniepoint and OPay situation last week. Walk with me.
For years, the default playbook for African tech unicorns was an offshore pilgrimage… set up holding companies abroad and chase global expansion before fully dominating local market share. Now the goal post is shifting.
What happened last week? Moniepoint is phasing out MonieWorld, its UK focused remittance app launched in April 2025 to target the £2.76 billion ($3.69 billion) UK to Nigeria corridor. MonieWorld grew rapidly, recording a 70% increase in monthly card and mobile wallet volume. However, after committing £1.2 million in setup costs, Moniepoint realized thin remittance margins and high UK compliance expenses did not justify the returns. Instead of fighting for marginal offshore gains, they sunset the app to redeploy capital and staff into their core African platform, where they already process $294 billion in annualized transaction volume across Nigeria and Kenya.
Concurrently, reports indicate OPay is quietly exploring a listing on the Nigerian Exchange (NGX). While unconfirmed, the rationale is compelling. Even as OPay prepares for a potential $4 billion US IPO alongside Citigroup and JPMorgan, an NGX dual listing would tap domestic pension funds and retail power users the very market driving 88% of its $536 million top line and $358 billion in annual GTV.
At the end of the day, building sustainable infrastructure where your customers live will always beat chasing volume where they don't. Africa's payment giants are simply putting their money where their metrics are.
Mama, they are coming home — Jovin
Please find another week of fintech news below:
The Rundown
🏦 M&A
🚀 Product Launches
Moniepoint phased out MonieWorld, ending its 14-month UK remittance service to focus on core operations.
Nomba and Synafare committed over $1.4 million in solar financing for 300 Nigerian businesses.
PalmPay expanded its digital savings products to retain users seeking higher yield during inflation.
LemFi launched Lemmy MFB, establishing direct local banking infrastructure for cross-border transactions in Nigeria.
UMB partnered with crypto platforms to launch Ghana’s first virtual accounts for digital assets.
Remi secured a Stellar foundation grant to construct a private liquidity and settlement protocol.
E-Bus Xpress partnered with MTN to deploy electric transit technology across local transport corridors.
🗂️ Other News
Nigeria required crypto exchanges to store 80% of customer assets in offline cold storage.
Lisk shut down its blockchain network, cutting off a key funding backer for African startups.
Kenya introduced strict regulatory compliance fees for active crypto platforms operating within the country.
Nigeria recorded $947 million in July remittances, approaching the central bank's $1 billion target.
MTN Group pursued regional banking licenses to accelerate digital credit and lending product expansion.
MoMo PSB appointed former Flutterwave chief operating officer Bode Abifarin as its chief executive officer.
FirstBank integrated with PAPSS to process intra-African cross-border trade settlements across regional clearing rails.
Quote of the Week
TWIF FAQs
Beyond the dominant hubs of Kenya and Nigeria, which East African nation quietly processed over 6.3 billion mobile money transactions in 2025 across an intensely competitive landscape powered by platforms like Vodacom M-Pesa, Tigo Pesa, and Airtel Money?
(Find the answer at the signoff below!)
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Before we wrap this up…
Did you guess which East African nation processed over 6.3 billion mobile money transactions in 2025 across Vodacom M-Pesa, Mixx (Tigo), Airtel Money, and Halopesa?
The answer is Tanzania. Driven by an intensely competitive multi-operator ecosystem and the Bank of Tanzania's interoperability rails (TIPS), Tanzania processed a record 6.3 billion transactions in 2025 alone, solidifying its position as one of Africa's fastest-growing digital payment powerhouses.
That’s all for today, friends. See you next Monday.
Asante.
