Fighting fraud in financial ecosystem requires collaboration — Moniepoint boss

Nigeria’s financial system has come under renewed scrutiny against the backdrop of the increase in the value of electronic payment transactions in Q1 2023 and the challenges posed by bad faith actors who exploit gaps in the payment systems even as the country’s financial institutions have reported N159 billion ($201.5 million) loss to fraud since 2020.

The need for all players in the financial services sector to come together in tackling these challenges was the message of the Group CEO, Moniepoint Inc., Tosin Eniolorunda, during a courtesy visit to the Chief Executive Officer, Fidelity Bank, Nneka Onyeali-Ikpe, in Lagos.

During conversations around the growth of the digital payments segment and contributions of financial services to Nigeria’s socio-economic development, Eniolorunda said Moniepoint, as a responsible and compliant organization, takes customer KYC very seriously.

“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.”

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Onyeali-Ikpe, who welcomed the Moniepoint boss, used the opportunity to reaffirm her bank’s appreciation for the patience and understanding demonstrated during its banking channel integration optimization which resulted in service disruptions and the inability of Moniepoint customers to receive financial inflow.