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Moniepoint UK (officially Moniepoint UK Ltd) will begin issuing its own pound sterling (GBP) bank-style accounts starting December 2025 to Monieworld account holders in the United Kingdom (UK). This development is backed by the company's acquisition of a UK e-money institution (EMI), previously named Bancom Europe LTD.
The Moniepoint acquisition of Bancom was completed, and Bancom was renamed Moniepoint UK Ltd in September 2025. Now, Moniepoint UK has a sort code of 04-19-29, enabling the fintech company to have full access to UK payment rails, including Direct Credit (Bacs), Direct Debit, Clearing House Automated Payment System (CHAPs), and Faster Payments (FPS).
FPS is the UK’s real-time payment system that lets people add money to their accounts or send funds to others instantly. Before, Moniepoint depended on another provider’s infrastructure to handle this type of transaction. Now, FPS gives Moniepoint a major upgrade from the old Moniepoint GB setup, where payments were handled through PayrNet Limited’s e-money license.
Migration Notification: All customer accounts opened on or after 1 December 2025 will be served by Moniepoint UK Ltd. Existing customers (accounts opened before that date) will be migrated from Moniepoint GB Limited to the new entity; Moniepoint makes it clear, on its official website, that customers will be contacted individually about their account migration dates.
Notably, the company had started migrating customers' accounts before now. In an email sent to Monieworld customers on October 8, 2025, Moniepoint explained that starting December 7, 2025, all GBP accounts will be issued directly by Moniepoint UK Limited, instead of Moniepoint GB Limited, which previously operated under PayrNet Limited’s (Railsr) license.
Moniepoint switches to EMI to gain direct control in the UK
When Moniepoint Inc. launched Monieworld in the UK in April 2025, the subsidiary (officially Moniepoint GB Limited) was operating as a distributor of another EMI, PayrNet Limited, through a partnership. The partnership allows Monieworld to offer remittance services, such as account creation, account funding, and money holding in a sterling (GBP) account in the Monieworld app.
The partnership also meant Moniepoint’s GBP-account offerings relied directly on PayrNet’s license and infrastructure. However, for Moniepoint to start its own remittance business in the UK without depending on another provider’s infrastructure, it would require securing licenses in both the sending and receiving countries.
The fintech company will also need to seal the financial partnerships and technical integrations that will enable money to move across international borders. In essence, Moniepoint has bypassed all these requirements and processes by acquiring a ready-made EMI platform. The acquisition gives Moniepoint direct control over the issuance of payment accounts, integration with UK payment rails, and the flexibility to expand.
Speaking of which, a UK EMI license comes with many opportunities beyond payment and remittance benefits. The license also allows companies to expand their services more freely, manage their operations the way they want, and even become members of card schemes, like Visa and Mastercard. For example, Moniepoint bought Bancom Europe LTD so it could use its EMI license, existing payment integrations, and EU passporting.
According to regulatory-compliance experts, Moniepoint's move to acquire an EMI platform reduces its dependency on third-party EMIs and gives the company more autonomy over risk, service continuity, and product rollout. In the future, Moniepoint will likely make full use of these new capabilities by offering payment cards to MonieWorld users and expanding its services into Europe.
For users of MonieWorld, the new license improves reliability and integration with UK banking and payment systems. The full integration with the UK's payment rails means Monieworld customers can now use their GBP account similarly to a traditional UK bank account, paving the way for added services like cards, easier deposits and withdrawals, UK-wide transfers, paying bills, receiving salaries, direct debits, international transfers, etc.
The move signals that Moniepoint is committed to expanding beyond Nigeria and Africa and diving deeper into the UK and possibly the European market. The EMI license gives the company the building blocks for banking-type services, remittances, and possibly multi-currency or pan-EU service expansion.
The license also reduces regulatory risk tied to being “just a distributor.” However, it's important to note that the EMI license may not offer deposit-insurance protections such as the UK’s Financial Services Compensation Scheme (FSCS) like traditional UK banks do. Even when Moniepoint was still operating under PayrNet as a distributor, this kind of insurance protection was not provided, meaning customers’ funds were not covered in the event of failure.
Notably, the acquisition of the EMI license is timed to match the company' growth phase. Moniepoint Inc. recently closed a major funding round (Series C) to fund expansion and deepen financial-inclusion efforts.
