Moniepoint CEO Calls For Banks Fintechs Partnership To Eradicate Fraud

– Tosin Eniolorunda, Group CEO, Moniepoint

By Bunmi Onakan

The Group CEO of Moniepoint Inc, Tosin Eniolorunda has called for partnerships between banks and fintechs in the country to address the menace of rising fraud in the financial system.

A statement from the company disclosed that Eniolorunda stated this during a courtesy visit to the Chief Executive Officer, of Fidelity Bank, Nneka Onyeali-Ikpe in Lagos.

The visit was in connection with the recent action taken by the bank to suspend interbank transfers to some fintechs, including Moniepoint.

He also noted that Nigerian financial institutions have reported N159 billion ($201.5 million) loss to fraud since 2020, adding that to tackle this problem, all players in the financial services sector must come together.

During conversations around the growth of the digital payments segment and contributions of financial services to Nigeria’s socio-economic development, Eniolorunda was said to have used the occasion to stress the point that Moniepoint as a responsible and compliant organisation takes customer KYC very seriously.

“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 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.