Moniepoint CEO Call for Coaction between Banks and Fintechs to Fight Financial Fraud in Nigeria

Moniepoint partner with Fidelity Bank to Fight Financial Fraud in Nigeria

Moniepoint Microfinance Bank (MFB) CEO, Tosin Eniolorunda, has called for a coaction between banks and fintech companies in Nigeria to fight the rising of fruad and scam in the financial ecosystem of the country. This move was due to the recent interbank transfer suspension made by Fidelity Bank to Neobanks in Nigeria including Moniepoint.

Hence, Eniolorunda has left his seat to pay a courtesy visit to the Chief Executive Officer (CEO), of Fidelity Bank, Nneka Onyeali-Ikpe in Lagos to talk things out. According to Eniolorunda, Nigeria’s Financial System has fallen under close monitoring against frauds and potential scams. He also made mention that Nigeria’s Financial Institutions have recorded $201.5 million, worth of N159 billion loss to fraud since 2020.

However, to tackle financial fraud and its potentials in Nigeria, he said there’s a need for all players in the financial industry to work together. Therefore, he suggested that banks and fintechs should take know-your-customer (KYC) serious.

KYC is not merely an acronym but indeed a cornerstone in establishing trust, ensuring security, and complying with regulatory standards. 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.

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 utilised robust fraud detection systems and technologies that can analyze patterns, identify anomalies, and detect suspicious activities in the system. As such we are better empowered to identify potential fraud incidents and trigger alerts for further investigations and remedial actions,” he said.

Lastly, the meeting came to conclusion with a partnership agreement between Moniepoint and Fidelity Bank. Both banks agreed to work together to fight fraud and potential scams in the banking sector of Nigeria.

More so, Fidelity Bank CEO used that opportunity to state again strongly her bank’s appreciations for the patience and understanding demonstrated during its banking service disruptions that resulted in the inability of Moniepoint customers and other licensed fintech companies to receive financial inflow.

However, recall that Fidelity Bank had recently announced the resumption of interbank transfer to licensed fintechs and digital banks in Nigeria to its customers and general public at Large.

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