Moniepoint And Fidelity Bank Partner to Create A Robust System to Curb The Occurrence of Fraudulent Transactions in Nigeria

Nigerian Fintech company Moniepoint and Fidelity Bank have entered into a cooperative agreement to create a robust system for curbing the occurrence of fraudulent transactions in Nigeria.

This agreement was made after Moniepoint’s CEO Tosin Eniolorunda had a meeting with Fidelity Bank CEO, Oneyali-Ikpe, following the recent action taken by the bank to suspend interbank transfers to some fintechs, including Moniepoint.

Discussing the issue of rising fraud in the country, Tosin emphasized the need for a significant collaboration between banks and fintechs in Nigeria, to effectively tackle the case of incessant fraud plaguing the financial system.

He noted that Nigeria’s financial system has come under renewed scrutiny against the backdrop of the increase in the value of electronic payment transactions in the first quarter (Q1) of 2023, and the challenges posed by bad players who exploit gaps in the payment systems.

Tosin disclosed that fintechs compliance with KYC is very crucial and should not be handled with levity, adding that it is a cornerstone in establishing trust, ensuring security, and compliance with regulatory standards, thereby eradicating the cases of fraudulent activities from bad players.

In his words,

“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.

“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 utilized 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”.

At the meeting, the CEO of Fidelity Bank Onyeali-Ukpe reaffirmed the bank’s appreciation for the patience and understanding demonstrated during it’s banking channel integration optimization that resulted in service, disruptions, and the inability of Moniepoint customers to receive financial inflow.