Main Nigerian fintech firm Moniepoint Inc has clarified reviews of a £1.2 million loss recorded by its UK subsidiary, Moniepoint GB, for the 2024 monetary 12 months, saying the determine displays set-up prices slightly than an operational loss.
Whereas noting that the £1.2 million reported as loss represents administrative and infrastructure bills for the corporate, a duplicate of the monetary assertion seen by Nairametrics exhibits that the corporate additionally spent $2.5 million as fairness deposit for its acquisition of Bancom, a UK digital cash agency.
Moniepoint GB, which was integrated in February 2024, didn’t report any income for the 12 months in accordance with the monetary outcomes.
In a press release shared with Nairametrics, Moniepoint defined that the monetary outcomes signify the anticipated early-stage funding section widespread amongst fintechs coming into new regulated markets.
“What has been reported as £1.2 million loss truly displays set-up prices, not operational shortfall,” the corporate acknowledged.
Early-stage investments, not losses
In response to the corporate, the monetary consequence for the interval was largely as a consequence of important preliminary investments made to determine operations in the UK.
- These embrace the deployment of capital into expertise methods, regulatory compliance, and customer help infrastructure designed to construct a safe and scalable monetary platform.
- Moniepoint additionally famous that throughout the interval underneath assessment, its UK subsidiary was in a pre-revenue section, targeted on strengthening operational processes, enhancing service supply, and making ready for full-scale business rollout.
- The corporate added that these foundational investments are commonplace for fintech corporations increasing into mature, extremely regulated markets such because the UK, the place compliance and client safety requirements are stringent.
“Moniepoint GB’s monetary outcomes for the interval February to December 2024 mirror the anticipated early-stage funding section widespread throughout monetary companies corporations coming into new regulated markets.
“The corporate’s focus is on serving the UK’s African diaspora and bringing monetary happiness to a brand new market an ambition that naturally requires upfront funding in compliance, infrastructure, and other people,” the corporate mentioned.
Acquisition strengthens UK presence
Moniepoint additional disclosed that the acquisition of Bancom, accomplished in July 2025, marks a serious step in consolidating its UK operations.
Bancom is authorised and controlled by the UK’s Monetary Conduct Authority (FCA), giving Moniepoint GB a longtime regulatory foothold for its cross-border monetary companies.
“This acquisition supplies Moniepoint GB with a longtime, regulated entity by which we are able to function, accelerating our potential to serve prospects within the UK-Nigeria remittance hall,” the corporate mentioned.
“By buying an already-authorised agency, we safe a stable regulatory basis, which is paramount for offering dependable and compliant monetary companies,” it added.
What it is best to know
Moniepoint GB launched its first product, MonieWorld, in April 2025. In response to the corporate, this permits UK residents to ship cash on to any Nigerian bank account utilizing a MonieWorld account, British bank playing cards, or Apple Pay and Google Pay.
- The corporate mentioned extra merchandise would observe as a part of its imaginative and prescient to serve the African diaspora group and strengthen the monetary hyperlink between Africa and the UK.
- Late final 12 months, the guardian firm, Moniepoint Inc. secured a $110 million funding from a number of traders together with Google, bringing its valuation to $1 billion and giving it a unicorn standing and extra gasoline to energy its enlargement drives.
Be First to Comment