Leading Nigerian fintech company Moniepoint Inc has clarified reports of a £1.2 million loss recorded by its United Kingdom subsidiary, Moniepoint GB, during the 2024 financial year, stating that the figure represents set-up and administrative costs, not an operational deficit.
According to financial statements reviewed by Nairametrics, the reported amount covers administrative and infrastructure expenses incurred as part of the company’s early-stage establishment process in the UK. The document also revealed that Moniepoint GB made a $2.5 million equity deposit toward the acquisition of Bancom, a UK-based electronic money institution, as part of its expansion into regulated international markets.
Moniepoint GB, incorporated in February 2024, did not generate any revenue during the financial year under review, a situation the company described as consistent with standard practice for new market entrants in the fintech sector.
In a statement shared with Nairametrics, Moniepoint explained that the financial results reflect the expected investment phase associated with setting up regulated operations in a new jurisdiction.
“What has been reported as a £1.2 million loss actually reflects start-up costs, not an operational shortfall,” the company said, reaffirming its confidence in the long-term profitability of its UK operations.
Industry analysts note that Moniepoint’s clarification aligns with the pattern of initial expenditure often seen among fintech firms expanding globally, where significant early investments in compliance, licensing, and infrastructure precede revenue generation.
The company’s entry into the UK market marks a significant step in its goal to become a global digital financial services provider, following its rapid growth and dominance in Nigeria’s payments ecosystem.
