Moniepoint Taps tell.money to Boost Anti-Fraud Protections for UK Remittances
African financial technology firm Moniepoint has announced a strategic partnership with UK-based open banking platform tell.money to roll out an anti-fraud measure for its UK user base.
The collaboration brings the Confirmation of Payee (CoP) account name-checking service to Monieworld, Moniepoint’s UK remittance platform designed for the African diaspora. Launched just over a year ago, Monieworld allows UK residents to seamlessly send money to Nigerian bank accounts using various methods, including debit cards, Apple Pay, and Google Pay.
By integrating tell.money’s infrastructure, Monieworld will now verify the exact account details of payment recipients before any transaction is processed, according to a statement on Wednesday. This added layer of security significantly reduces the risk of misdirected payments, protects users against sophisticated fraud, and ensures Moniepoint meets stringent UK compliance requirements for newly authorized financial firms.
“Our goal with Monieworld is to build financial services for Africans in the diaspora, starting with Nigerians in the UK,” said Ravi Jakhodia, CEO of Monieworld. “We want to make it easier for people to support loved ones, invest back home, and manage cross-border finances with confidence. This partnership with tell.money helps us build that experience securely and seamlessly.”
Moniepoint, which currently powers payments and banking tools for over 20 million businesses and individuals worldwide, selected tell.money for its ability to deploy the CoP service quickly and without unnecessary operational complexity, the statement said.
David Monty, CEO at tell.money, noted that newly authorized firms entering the UK market are increasingly looking for infrastructure that is ready to deploy out of the box. “Moniepoint is clear on what it wants to deliver and how it wants to scale,” Monty said. “Our job was to provide the access layer that fits around that… allowing them to stay focused on what they are best at — serving their customers — while knowing their regulatory requirements were handled.”
The move marks a significant milestone in Moniepoint’s international growth strategy, reinforcing its reputation for reliability as it scales its operations within the highly regulated UK financial services market.
