When visa Nigeria invested in Fentic Moni Point Earlier this year, he not just confirmed a new mint unicorn – he indicated a bold bold new direction.
As part of the agreement, Nigeria’s Fentic is known for building the largest business banking platform in Africa, indicating plans to merge with visa directors, the move that will unlock international payment for remittances and cross -border services.
This strategy is now shaping with the beginning of MONIEWORDLaunching the UK-Nigeria Corridor, its first is included in the financial services based on dye. But the founder and CEO Tusin Annolorinda insists that this is not just another drama for the volume of remittances. “We are not trying to become a remittance app,” he told the Tech Crunch. “We are creating a suitable immigrant banking platform.”
This is an expensive move. Demands space, especially the UK – Nigeria Corridor, is one of the most crowded vertical in Africa. By LymphSend, and First Send zipper and tapep, immigrants have no shortage of options. With sleek user experiences, low fees, and years of brand equity, these responsibilities have explained the space.
Most new immigrants, the selection of remittances app is one of the early financial decisions they make – often by mouth. This means that Monorandold is not only entering late, but will have to compete with those who are involved in daily habits.
And while the admission of the Moni Point is brought to the scale and credibility, some observers ask whether the market needs another delivery platform.
Annoloronda says Monovold wants to help new migrants stay connected to family and responsibilities while settling abroad. Although there is no difference in product or prices about the former (remittances), taking a quick look at Monovold’s site will be positioning around the delivery of better prices than other platforms.
But it is not a ditch itself and is often a down race. Even Anilworinda agrees with: “We’re not trying to say that we are the cheapest here,” the CEO said. “But since we already have an existing technology, processing rails, and has achieved scale economies in many places, it is a means that we can afford to be cheaper for our customers.”
Moni Point has spent years for infrastructure construction, payments and cards to compliance with credit and businesses, and recently for retail users. The reason for this is that this stack, which is re -developed for immigrants, can provide a higher price than stand -loan remittances.
“We have provided easy use in Nigeria, affordable products, where we now offer pay for our business and customers, credit software, and debit and credit card services.” “We thought we could provide similar services to our market to complete the cycle, but in Daspura.”
Finding its space in the crowded market
Remittances are entry points. However, he says the long -term purpose is to offer a broader suite of financial tools such as construction credit. This is a vertical that has left in the United States in the past two years, where Digital platforms like Zulu Help immigrants access financial services, which starts with credit, remittances (notTablets There is a similar company in the UK).
“When you settled in a new country, you need to make a credit history. People are trying to find and find their foundations in new countries, and if they can find a platform that understands their scenario and helps make credit, it will be great for them,” which is a great feature.
Remittances from the UK Is at the top of $ 9.3 billion In 2023. Send home to Nigeria overseas More than $ 20 billionAccording to the World Bank. This is a transit where many players can potentially be present and can have a considerable share of the market. However, with these players to compete at pricing or speed – now both are commedized – Anilworinda believes that only a few people will be the winner by providing a high experience.
Since Moni Point deepens its local maps in African countries such as Kenya, it plans to launch Monovold Corridor for these daspores in the UK, the United States, or Canada, as is the next logical move. The model will allow the old fantasy to eliminate huge operations from its Nigeria, spreading its exhibition-a pitch Annolornda says it resonated with investors during the final increase.
Still, the challenge is real: Moni Point is stepping into a very competitive place, and it is unclear how far the margin has been captured. Although Anilworinda looks at the inevitable stability, the profitable fantasy is betting that its infrastructure, how to know, and deep cultural understanding are important.
“When we started the Moni Point and considered the agency banking, it felt as if we were entering late. But the market increased, and where we are now,” Anilworinda considered the late Moni Point entry into the Banking Agency in 2019.