Moniepoint and Fidelity Bank have collaborated to develop a tightly knit mechanism to curb the threat of fraudulent transactions and collectively push through in resolving payment challenges in the country.
This collaboration is to intensify the Central Bank of Nigeria’s (CBN) mandate of ensuring the provision of adequate and convenient financial services to consumers and guaranteeing their protection.
This was decided during a courtesy visit of Tosin Eniolorunda, the Chief Executive Officer of Moniepoint Inc., to Nneka Onyeali-Ikpe, the Chief Executive Officer of Fidelity Bank in Lagos.
During the visit, Onyeali-Ikpe reaffirmed her bank’s appreciation for the patience and understanding demonstrated during its banking channel integration optimisation, which resulted in service disruptions and the inability of Moniepoint customers to receive financial inflow.
On his part, Eniolorunda said 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 of 2023.
He said this is also coupled with the challenges posed by bad faith actors exploiting payment system gaps, even as the country’s financial institutions have reported N159 billion lost to fraud since 2020.
During conversations around the growth of the digital payments segment and contributions of financial services to Nigeria’s socio-economic development, Eniolorunda stressed that Moniepoint as a responsible and compliant organisation takes customer KYC very seriously.
He said KYC is a cornerstone in establishing trust, ensuring security and complying with regulatory standards.
He said all accounts created on the fintech’s platform have BVN verification, while it performs a liveliness check at the point of onboarding.
Eniolorunda said 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 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 analyse 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.
He said there is a need for all players in the financial services sector to come together to tackle these challenges.