Monzo now lets its 15 million customers send money directly to Nigerian bank accounts from inside the Monzo app. The British digital bank launched this service through its long-standing partnership with Wise, the global payments company. The move gives Monzo users a simple way to send British Pounds to Nigeria without leaving the app or signing up for a separate remittance service.
The service went live on June 22, 2026. Monzo sent emails to eligible users announcing the feature and offering a promotional period that runs until August 22, 2026. During this window, users pay no fees on their first Naira transfer.
How the Monzo-Wise Partnership Works
Wise powers the entire service behind the scenes. Monzo has partnered with Wise since 2018, when Wise became Monzo’s pilot partner for international transfers. Wise holds an electronic money licence in the UK and secured approval-in-principle from the Central Bank of Nigeria in March 2026 to operate as an International Money Transfer Operator. This regulatory clearance allows Monzo to complete cross-border settlements into Nigerian Naira accounts.
When a Monzo user sends money to Nigeria, Wise handles the exchange rate, processing, and international routing. The user sees the total cost upfront before confirming the transfer.
What Sending Money to Nigeria Costs
After the promotional period ends, Monzo will charge a fixed fee of £0.59 per transfer plus a variable fee of 0.93% of the total amount. For a £500 transfer, the total fee comes to £5.24.
Monzo offers a competitive exchange rate. At launch, Monzo provided a rate of 1,823.9 Naira per Pound, compared to Revolut’s rate of 1,793.3 Naira per Pound. Both banks charge explicit transfer fees, while many Nigerian remittance operators promote zero-fee structures and build their margins into wider exchange rate spreads.
Why This Move Matters for the Nigerian Diaspora
The key benefit for users is convenience. Many Nigerians in the UK currently receive salaries into their primary bank accounts and then transfer funds to third-party remittance apps like WorldRemit or Sendwave to send money home. This process forces users to juggle multiple apps, complete separate verification steps, and manage different transfer limits.
Monzo removes that friction. Users can now send money to Nigeria directly from their main banking app. One UK-based marketing executive told Condia that this flexibility matters greatly because switching between apps creates stress and inconvenience.
The Market Opportunity
The UK-to-Nigeria remittance corridor is worth more than £7 billion annually. The World Bank estimates that annual remittances to Nigeria total approximately $20 billion. Nigeria remains Africa’s largest economy and most populous country, with a young population, growing smartphone adoption, and increasing demand for digital financial tools.
Monzo’s entry comes as global fintech companies increasingly target African markets. Revolut, another European digital bank, has launched a waitlist for South Africa that has already surpassed 100,000 registrations. These moves signal that international players view African payment corridors as profitable and worth competing for directly.
Competition with Nigerian Fintechs
Monzo now competes directly with established Nigerian remittance operators like LemFi and Africhange. Nigerian fintechs have expanded to the UK, US, and Canada over the past five years to capture diaspora remittance flows. They have invested heavily in partnerships, operations, and licences to build customer acquisition channels.
Some industry observers question whether Monzo’s entry will disrupt these operators. Adedeji Olowe, a Nigerian fintech leader, told Condia that Monzo’s impact may be limited because Monzo requires full bank onboarding before users can send money. Dedicated remittance apps typically have simpler registration processes. However, Monzo’s built-in user base of 15 million UK adults gives it a significant distribution advantage.
What This Means for Users
For Monzo customers with family or business ties to Nigeria, the new service offers a faster, simpler way to send money. Users no longer need to maintain accounts with multiple remittance providers or compare rates across different platforms. The service integrates directly into the banking experience they already use daily.
For the wider remittance market, Monzo’s entry adds pressure on pricing and convenience. The promotional period gives users a chance to test the service at no cost. The long-term impact will depend on how Monzo’s fees and exchange rates compare to dedicated remittance providers once the promotion ends.
Monzo’s expansion to Nigeria also signals what could come next. The company now has the infrastructure and regulatory framework to add more African corridors. Wise already supports transfers to multiple African countries, and Monzo could extend similar services to other markets where its UK users send money.
The service launched on June 22, 2026. Eligible Monzo users can start sending Naira transfers immediately and take advantage of the fee-free promotional window until August 22, 2026.
