Put your Monie where your mouth is

Moniepoint, the Nigerian fintech unicorn, has spent nearly half of the $7.39 million it earmarked for its UK expansion since setting up shop in London in February 2024. The startup has used the funds to incur costs, including $1.26 million on administration and infrastructure and a $2.5 million equity deposit for Bancom, a licenced electronic money firm that gave Moniepoint the regulatory keys it needed to operate across the UK and Europe.

It’s a calculated entry. The UK remittance market is expected to reach $40 billion by 2035. Over 290,000 Nigerians live in the UK, and in 2021 alone, they sent home roughly $3.69 billion. Moniepoint wants a slice of this market.

Heads up! Competition. Moniepoint entered the UK remittance market, where players like LemFi already play on home turf. LemFi, which serves over 2 million users, recently acquired Pillar, a UK-based credit card startup, to provide immigrant credit in Europe. But Moniepoint’s infrastructure and brand power could quickly shift that balance.

In April 2025, the startup rolled out MonieWorld, a remittance app that lets UK users send money straight to Nigerian accounts via cards or Apple and Google Pay. So far, it has grown by 70%, according to insiders, with the company describing transaction volume as “healthy.”

Moniepoint’s UK push is a signal of intent. By investing heavily pre-revenue, the fintech unicorn is betting on ownership of a high-value remittance corridor that could anchor its global ambitions.

Safaricom, Kenya’s biggest telecom operator, is quietly fighting a growing internal war. The company fired 113 employees in 2024 for fraud-related offences, a jump from 95 the previous year.

What happened? The company alleged that several of its employees were complicit in fraud schemes and cash-handling mistakes that have cost users and the company money. It also says that some employees make fake overtime claims, dragging the business down as they earn more money for doing nothing.

Safaricom fights back. Safaricom has introduced automated detection systems to flag high-risk SIM swaps and expanded staff training to tackle fraud. It also partnered with Kenyan law enforcement agencies to track rogue agents.

A sector under strain. Fraud remains a significant challenge in Kenya’s financial sector, with insider collusion still a key factor in some reported digital fraud cases. Safaricom isn’t an outlier. Big organisations, including KCB Group, dismissed 34 employees in 2024, and Equity Group sacked over 1,200, over the same issue. Executives are now calling for companies to adopt stronger cybersecurity measures to deal with the external threat; however, the internal struggle still hinges on the rational optimism that employees will come correct.

While Kenya is trying to make its large corporations and big businesses moonlight as VCs, banks, too, have been turning to eco-warriors. KCB, Kenya's largest bank by assets, committed KES53.2 billion ($411 million) to finance green projects this year.

Banking on sustainability: So far, 21.32% of KCB’s loan portfolio qualifies as green, as the bank pushes toward its 25% target for the year. The money supports renewable energy, climate-smart farming, green housing, and clean transport. It also funds small women- and youth-led businesses, helping communities adapt to climate change while building local economies, according to Paul Russo, KCB Group CEO.

Catch up: In April, the Central Bank of Kenya (CBK) gave lenders 18 months to start reporting the environmental impact of their financing under the new Kenya Green Finance Taxonomy (KGFT). The guidelines define what counts as “green” and aim to move capital toward cleaner, low-emission investments in the country.

Why it matters: KCB leads other banks in sustainability financing. Its drive shows that while cutting lending rates remains a contentious issue in the banking sector, the big boys, at least, have no problem supporting real impact projects. This would effectively make it twice as likely for entrepreneurs and small businesses building in this area to secure loans. 

KCB’s growing green portfolio could inspire more banks to unlock funds for this reason as they race to meet KGFT demands and deadlines.

On Wednesday, Kenya's Central Bank (CBK) cut its benchmark rate by 25 basis points to 9.25%, stretching its monetary easing cycle. The regulator has now cut the rate eight times in 20 months, as it continues its uphill battle to encourage borrowing and spending in the country.

Why the rate cut matters: When borrowing costs fall, it encourages banks to lend more, allowing households and businesses to access cheaper credit for things like homes or business expansion. The CBK is still playing on its hunch that easier money will keep the economy growing without letting prices spiral.

Between the lines: The CBK has a lot of wiggle room to cut rates because Kenya's inflation is sitting comfortably below the government's target. The regulator has since urged commercial banks to equally ease the brakes in lending and interest rates to individuals. However, compliance has been uneven, with the CBK threatening fines for months but never punishing anyone.

While Kenya's food inflation ticked up slightly in September, fuel prices decreased, and the shilling has remained stable in recent months, all contributing to economic certainty.

The bigger picture: The economy is showing more life this year, thanks to stronger farm output, transport, and trade. But credit growth has been slow to catch up. By lowering rates again, the CBK hopes banks will finally start loosening their purse strings.

Source:

* Data as of 06.30 AM WAT, October 9, 2025.

Events

• Bigger, bolder, and more intentional. Following the resounding success of the inaugural summit in 2024, Growth Padi is thrilled to announce Growth Africa Summit 2025 (GAS 2.0) with the trailblazing theme: “Redefining the Growth Playbook.” Set against the backdrop of a fast-evolving entrepreneurial landscape, this year’s summit will challenge outdated strategies and usher in a new wave of radical, resilient, and relevant growth models tailored for African businesses. Register to attend by November 1.
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• Countdown to Moonshot 2025. Africa’s biggest gathering of dreamers, doers, and disruptors returns on October 15 & 16, 2025. From startup founders to policy shapers, everyone who’s building the continent’s future will be there. Secure your spot today and be part of the movement..

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• AI fintech Optasia eyes South Africa IPO

Written by: Opeyemi Kareem and Emmanuel Nwosu

Edited by: Emmanuel Nwosu & Ganiu Oloruntade

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