• Wednesday, April 24, 2024
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Tech firm develops AI solutions to combat money laundering in Nigeria

Empowering African Tech Talent: Jumia’s commitment to local innovation

Nigerian tech firm, Efuelite Solutions Limited, has unveiled an AI-based solution to bolster Anti-Money Laundering (AML) efforts within the country.

The innovation marks a pivotal moment in the ongoing battle against financial crimes and operations such as Countering the Financing of Terrorism (CFT) and Countering Proliferating Financing (CPF).

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Furthermore, the significance of this advancement comes to light in the wake of recent revelations by Ola Olukoyede, chairman of the Economic and Financial Crimes Commission (EFCC), who disclosed the uncovering of N7 billion suspected to be proceeds of fraud linked to a religious organisation.

This discovery unfolded during investigations into a N13billion money-laundering case. Despite facing legal challenges from the religious body, the EFCC announced it remained resolute in its commitment to pursuing the investigation and recovering the stolen funds.

Prince Efue, founder of Efuelite Solutions, emphasized the crucial role of the new AI solution in addressing the prevalent threat of money laundering within Nigeria’s financial system, citing the N7 billion case.

In an interview, he said: “Money laundering is a pervasive problem that requires innovative solutions. Our AI solution is designed to empower financial institutions with the tools they need to detect and prevent illicit financial activities effectively.”

Tailored specifically to meet the unique challenges Nigerian financial institutions face, the AI solution harnesses the power of artificial intelligence to automate key AML processes. This includes transaction monitoring, suspicious activity detection, and customer risk assessment, enabling institutions to identify and address potential money laundering risks in real time.

Efue elaborated on the proactive approach to developing this innovation, stating, “We believe in staying ahead of the curve when it comes to combating financial crimes. Our AI solution places most compliance domain operations on autopilot, allowing financial institutions to stay one step ahead of money launderers.”

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He also said that the release of the AI solution underscored Efuelite Solutions’ commitment to driving innovation and excellence in the fintech industry. By providing Nigerian financial institutions access to cutting-edge technology, the company aims to strengthen the country’s AML framework and safeguard the integrity of its financial system.