Nigeria’s financial system has come under renewed scrutiny against the backdrop of the increase in the value of electronic payment transactions in Q1 2023 and the challenges posed by bad faith actors who exploit gaps in the payment systems even as Nigerian financial institutions have reported ₦159 billion ($201.5 million) lost to fraud since 2020.

There is need for all players in the financial services sector to come together in tackling these challenges.

This was the thrust of position made by Group CEO, Moniepoint Inc., Tosin Eniolorunda during a courtesy visit to the Chief Executive Officer, Fidelity Bank, Nneka Onyeali-Ikpe in Lagos. Onyeali-Ikpe, who welcomed the Moniepoint boss used the opportunity to apologize for the inconveniences experienced during its recent banking channel integration optimization with some neobanks which resulted in service disruptions and inability of customers to receive financial inflow.

Eniolorunda used the occasion to stress the point that Moniepoint as a responsible and compliant organizations takes customer KYC very seriously. “We are not one of those businesses who open accounts without BVNs. All accounts created on our platform have BVN verification and in addition to this we perform a liveliness check at the point of onboarding. This is a comparison of the account holder’s life picture and the BVN image as a way to reduce impersonation,” Eniolorunda maintained.

He continued, “we have zero tolerance for fraud and typically go all out to ensure that we track fraudsters and fraudulent transactions on our platforms. We have deployed and utilize advanced fraud detection systems and technologies that can analyze patterns, identify anomalies, and detect suspicious activities in real-time. These systems which employ Artificial intelligence (AI) and Machine Learning (ML) can help identify potential fraud incidents and trigger alerts for further investigations.”

Moniepoint and Fidelity agreed to work closely together and develop a tightly knit mechanism to fight fraudulent transactions in the ecosystem.