Leading Nigerian fintech company Moniepoint Inc has clarified reports of a £1.2 million loss recorded by its UK subsidiary, Moniepoint GB, for the 2024 financial year, saying the figure reflects set-up costs rather than an operational loss.
While noting that the £1.2 million reported as loss represents administrative and infrastructure expenses for the company, a copy of the financial statement seen by Nairametrics shows that the company also spent $2.5 million as equity deposit for its acquisition of Bancom, a UK electronic money firm.
Moniepoint GB, which was incorporated in February 2024, did not record any revenue for the year according to the financial results.
In a statement shared with Nairametrics, Moniepoint explained that the financial results represent the expected early-stage investment phase common among fintechs entering new regulated markets.
“What has been reported as £1.2 million loss actually reflects set-up costs, not operational shortfall,” the company stated.
Early-stage investments, not losses
According to the company, the financial outcome for the period was largely due to significant initial investments made to establish operations in the United Kingdom.
- These include the deployment of capital into technology systems, regulatory compliance, and customer support infrastructure designed to build a secure and scalable financial platform.
- Moniepoint also noted that during the period under review, its UK subsidiary was in a pre-revenue phase, focused on strengthening operational processes, enhancing service delivery, and preparing for full-scale commercial rollout.
- The company added that these foundational investments are standard for fintech firms expanding into mature, highly regulated markets such as the UK, where compliance and consumer protection standards are stringent.
“Moniepoint GB’s financial results for the period February to December 2024 reflect the expected early-stage investment phase common across financial services firms entering new regulated markets.
“The company’s focus is on serving the UK’s African diaspora and bringing financial happiness to a new market an ambition that naturally requires upfront investment in compliance, infrastructure, and people,” the company said.
Acquisition strengthens UK presence
Moniepoint further disclosed that the acquisition of Bancom, completed in July 2025, marks a major step in consolidating its UK operations.
Bancom is authorised and regulated by the UK’s Financial Conduct Authority (FCA), giving Moniepoint GB an established regulatory foothold for its cross-border financial services.
“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,” the company said.
“By acquiring an already-authorised firm, we secure a solid regulatory foundation, which is paramount for providing reliable and compliant financial services,” it added.
What you should know
Moniepoint GB launched its first product, MonieWorld, in April 2025. According to the company, this allows UK residents to send money directly to any Nigerian bank account using a MonieWorld account, British bank cards, or Apple Pay and Google Pay.
- The company said more products would follow as part of its vision to serve the African diaspora community and strengthen the financial link between Africa and the UK.
- Late last year, the parent company, Moniepoint Inc. secured a $110 million investment from multiple investors including Google, bringing its valuation to $1 billion and giving it a unicorn status and more fuel to power its expansion drives.
