Monzo launches free naira transfers to Nigeria via Wise until Aug 22

Monzo, the UK neobank with over 15 million users, now lets customers send naira directly to Nigeria from its app, powered by Wise’s licensed infrastructure. The feature launched with an approval-in-principle from the Central Bank of Nigeria granted to Wise as an International Money Transfer Operator in March. Until August 22, the first transfer is free; after that, standard Wise fees apply. This targets the Nigeria-UK remittance corridor, which saw over $20 billion flow into Nigeria in 2024, with the UK among the top three source markets. Monzo isn’t building a new product but embedding Wise’s service to reduce steps for users who already rely on Monzo as their primary UK bank. Competitors like LemFi, WapiPay and Revolut are also chasing this corridor, competing on fees, speed and regulatory clarity. Monzo’s edge is convenience—keeping users inside one app—but after the promo, costs match Wise’s rates, so it may not be cheaper. The move reflects a broader trend of UK neobanks targeting the African diaspora, where stickiness and user experience often decide winners. Will you try Monzo for your next naira transfer, or stick with existing apps that may offer lower fees?

SOURCE: https://techcabal.com/2026/06/25/techcabal-daily-monzo-goes-nigerian/