Your naira business model is wrong; other apps provide free transfers or transactions without any fees. Monzo is coming on board but wants to introduce a transaction fee, which would not make it attractive to users/ customers.
More so, the Monzo exchange rate is very low from what I have seen today. Other apps exchange Pounds to Naira at a good rate and do not charge a fee. Prune is the leading app in that regard.
So, transfer using the other models?
There’s a bloke on Dragon’s Den (or was) called Touker Suleyman, who would always say “OPM”. It stands for “other peoples’ money”.
A high rate, with exchange and delivery that is offered for free, is a loss leader to make money on bankrupting alternatives later. Monzo not buying into something so daft is a good thing IMO
They don’t trust them or have serious issues with them including poor customer service.
And many of such services do that to attract customers then later show them who they truly are. Lemfi, Nala, Sendwave and others did it. It is a different story now.
They will keep jumping to whatever service pops up.