In a recent meeting during a courtesy visit to the Chief Executive Officer of Fidelity Bank, Nneka Onyeali-Ikpe, Group CEO of Moniepoint Inc., Tosin Eniolorunda, disclosed that Nigerian financial institutions had reported a total of N159 billion in fraud cases since 2020.
Emphasizing the need for collaboration among all stakeholders in the financial services sector to address these challenges, Eniolorunda highlighted the importance of responsible and compliant practices.
During the discussion, Eniolorunda emphasized Moniepoint’s commitment to following Know Your Customer ,KYC, rules diligently.
He stated that KYC is a cornerstone in establishing trust, ensuring security, and complying with regulatory standards.
The CEO also mentioned that all accounts created on Moniepoint’s platform undergo Bank Verification Number , BVN, verification.
Eniolorunda further emphasized Moniepoint’s zero-tolerance policy for fraud, stating that the company actively tracks and identifies fraudsters and fraudulent transactions.
He highlighted the deployment of robust fraud detection systems and technologies to analyze patterns, identify anomalies, and detect suspicious activities on the platform.
Onyeali-Ikpe, the CEO of Fidelity Bank, acknowledged the challenges faced during the banking channel integration optimization that resulted in service disruptions for Moniepoint customers.
Both leaders expressed their commitment to work closely together to develop effective mechanisms to combat fraudulent transactions and collectively address payment challenges in Nigeria, aligning with the Central Bank of Nigeria’s mandate to provide convenient and secure financial services.
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