E-Financial
Firms Launch Clari5 to Stem Frauds in Financial Institutions
CWG Plc and Customer XPs Software have launched new sophisticated software that provides real-time detection and prevention of cyber threats into the market.
The software, known as Clarii5 is a real-time intelligence solution that provides real-time anti-fraud and anti-money laundering capabilities on a unified real-time intelligence platform. It is also a fraud detection, monitoring and prevention solution that monitors suspicious patterns across transactions, events, users, accounts, systems in real-time and responds with the right action to pass or block transaction, or generate real-time alerts for manual investigation.
Moruf Yusuf, chief technology officer, CWG, said Clari5 would help the financial industry to checkmate the threats of digitisation while benefitting fro the global trend.
He explained that the partnership with CustomerXPs started in 2019 to ensure that Nigerian banks and other financial institutions have access to globally acknowledged technology to tackle cybercrimes.
He outlined that the product, which has also been launched in Ghana has started off to well as it has already on-boarded one of the largest financial institutions in Nigeria and three Ghanaian banks.
“We are also in discussions with other banks in Nigeria too to see how we can bring them on our platform. We are able to do this because we have a solution that can prevent fraud in real time online. Other solution competitors in this space do not have the kind of superior technology that we have and for that our clients are happy that they came onboard with us.
“Beyond that, we have actually done so many Proof of Concepts (POCs) and we are sure that before the end of this year, we are going to add more logos to the list of clients that we have,’ he added.’
“We have also been able to customise our solution to meet the Central Bank of Nigeria’s (CBN) requirements. Beyond that, we have good local support and interestingly, we are not affected by the dollar regime and because of this unique partnership, we are able to accept local currency payments. We are also connected to all the payment channels so that if any transaction is to take place, we are the first to know and to determine if it is fraudulent or not.
“Other solution competitors in this space do not have the kind of superior technology that we have and for that our clients are happy that they came onboard with us,” Yusuf said.
Rivi Varghese, chief executive officer, CustomerXPs Software, described Clari5 as an “intelligent soul” for financial transactions as it uses the the best of technology to help financial institutions achieve their financial crime risk management.
According to him, Clari5 real-time intelligence solutions are deployed enterprise wide using commodity hardware in some of the biggest global banks with the solution suite providing real-time anti-fraud and anti-money laundering capabilities on a unified real-time intelligence platform.
“CWG is in partnership with Clari5 to help African banks combat financial crime in real-time. When economy start growing, financial growth start increasing in the country, and fraud happens. This is a moment of growth for Nigeria because the best of technology for crime management is meant for Nigeria and that’s why we’re working with CWG
“Based on our experience, we are a global category leader and we have 60 banks as a subscriber. You know, in almost every bank, they will recover a couple of multiple times their investment in the same year itself in terms of preventing frauds. So, let’s say, for putting a solution like this, they spent $10; they would have recovered $40 to $50 in one year” Varghese said
He explained that the software would be connected to everything in the financial institution starting from mobile, internet banking, Automated Teller Machines (ATMs), banking hall among others adding that the software is constructed in a way to identify details of the customers before agreeing to a transaction.
“When the details of the customer do not correspond or when there are too many enquiries on the customers’ details or there is a suspicion on the transaction, it automatically blocks the account of the customers to ensure it is not hacked.
“This is why we are bringing this concept to Nigeria because payment is slowly becoming faceless and with the unprecedented growth of cybercrime, there is a need to leverage on this concept so that the severity of fraud is reduced,” Varghese said.
Mr. Olatunji Kehinde, business director, Financial Service Institution, CWG, noted that as digitization leads to increased expansion and aess, there are also developing threats.
He identified cybercrime as one of such threats that must be talked in order to ensure that customers can transact e-commerce and other electronic transactions confidently.
“We are all opportune to be alive at this wonderful time in history. Wonderful because we’re seeing the growth of technology more than ever before affecting all spheres of life in a very transformative way. But as that expansion and transformation is going on, there are challenges and threats. One of these threats-cyber security threat; is one of the greatest risks to the evolution of what we call the fourth industrial revolution
“So our job is to help our customers to be able to engage confidently in this new era. You want to do ecommerce, you want to do electronic transactions, you can do it confidently knowing that you have the platforms and the tools to keep your company and your customers safe and secure,” Kehinde said
Africa’s Micro, Small, and Medium Enterprises, fintech industry, scaling remittances, and cross-border payments will be the driving forces behind the continent’s digital ballooning payments system, which is estimated to reach $1.5 trillion by 2030.
This is according to a MasterCard-commissioned study by Genesis Analytics, which states that the digital payments economy is growing faster on the continent.
This comes as the World Bank says Sub-Saharan Africa has shown significant growth in financial inclusion over the past decade, much of it driven by mobile money account adoption.
Dimitrios Dosis, president, Eastern Europe, Middle East and Africa at MasterCard, comments: “Africa is filled with immense possibilities, and its people have the potential to shape the global economy in the decades ahead.
“MasterCard remains deeply committed to driving digital transformation across the continent, working closely with entrepreneurs, merchants, banks, start-ups, telcos, and governments. By increasing our investments, expanding innovation, and fostering inclusion, we are helping build a more connected and accessible digital future.”
The payment technology company went on to say as a longstanding technology partner to Africa, its continues to strengthen its commitment to the continent’s digital growth through strategic investments, public-private partnerships, and innovation initiatives that drive financial health and economic growth.
In addition, it says trends in Africa signal a strong shift towards digital transactions, with businesses and consumers increasingly embracing contactless solutions, further accelerating economic participation and financial accessibility across the region.
“For over five decades, MasterCard has worked alongside African governments, businesses, and communities to advance financial inclusion and economic development.
“With Africa projected to host nine of the world’s 20 fastest-growing economies, we are focused on leveraging our expertise and a technology to support the continent’s continued digital transformation.
“Our investments today will help build a more resilient economy for the future,” says Mark Elliott, division president, Africa, MasterCard
By fostering collaboration with key stakeholders, MasterCard says it aims to enhance digital connectivity, expand economic opportunities, and enable millions of people and businesses to thrive in the digital economy.
First Asset Management, one of Nigeria’s investment managers and a subsidiary of First HoldCo Plc. has launched its FBN Blended Dollar Fund to drive up customer earnings through its rich blend of US equity and high-profile investments domiciled in Nigeria.
In its recent webinar, the company discussed the advantages of its newly launched FBN Blended Dollar Fund. First Asset Management is the first company to launch a blended fund in the equity market to maximise customer earnings.
The event was part of the First Asset Management Leading Conversations Webinar Series, which convenes financial industry experts. The session was moderated by the renowned journalist, Omohefe Osemere and featured a distinguished panel including Laura Fisayo- Kolawole, Head of Equities & Alternative Asset Management at First Asset Management; Robert Hageneers, Head of Markets at FirstBank UK; Gbolahan Ologunro, Portfolio Associate at First Asset Management; and Dr. Ayodeji Akamu, Research Associate for Energy & International Economics at First Bank of Nigeria Limited.
The panel discussion revolved around the theme, “Blending Returns in a Dynamic Global Environment: Navigating Trump’s Trade Agreement,” addressing its impact on equity markets in both Nigeria and the United States. The conversation offered insights into global investment strategies amidst ongoing economic volatility.
During the session, First Asset Management introduced the FBN Blended Dollar Fund, explaining its significance and urging investors to seize this opportunity. With a global economic landscape filled with uncertainties, investors are increasingly concentrating on strategies to blend returns across asset classes.
This year, the positive shift in investor sentiment towards Nigeria has been driven by improvement in the monetary policy framework, increased domestic crude oil production, and rising non-oil revenue supported by improved VAT and customs duty collections—factors anticipated to continue bolstering investor confidence.
Laura Fisayo-Kolawole provided insights into U.S. President Donald Trump’s new economic policies, aimed at protecting local industries and stimulating the U.S. economy. She discussed the potential long-term effects of high tariffs designed to discourage imports, noting that while there is optimism stemming from Trump’s first-term policies, the market remains volatile and the full impact of these tariffs, effective from April 2, 2025, is still uncertain.
Ike Onyia, Managing Director at First Asset Management, underscored that the FBN Blended Dollar Fund is a versatile product ideal for investors with a keen interest in growth. It offers competitive returns that can help hedge against inflation and currency risk while providing liquidity.
With a structure that allocates 20% to U.S. equities and 80% to fixed-income instruments, money market instruments, and Euro bonds domiciled in Nigeria, the fund presents diversified exposure to global markets. Onyia expressed enthusiasm about launching a product that offers a unique opportunity for investors to position themselves in an evolving economic landscape.
PalmPay, one of Africa’s fastest-growing fintech platforms, yesterday officially launched its new PalmPay Debit Card in partnership with Verve, Africa’s largest domestic card scheme.
This partnership reflects PalmPay and Verve’s shared commitment to driving financial inclusion by expanding access and delivering greater value across the digital payments ecosystem.
With over 35 million users and a network of 1.1 million agents and merchants across Nigeria, PalmPay is building one of the continent’s most dynamic fintech ecosystems. The launch of its debit card represents a key milestone in PalmPay’s transformation from a mobile wallet and agent network into a comprehensive digital financial services provider – offering integrated solutions for payments, savings, credit, insurance, and now, card access.
The PalmPay Debit Card is seamlessly integrated with the PalmPay wallet, combining the convenience of a traditional bank card with the speed and flexibility of a digital platform, and access to PalmPay’s unique financial ecosystem.
Key Features include:
- Zero maintenance fees
- Easy in-app application and nationwide delivery
- Exclusive cashback and merchant rewards
- Full wallet integration, including access to high-yield savings (up to 16% APR, paid daily)
- Seamless offline and online payments across the Verve network
The card is accepted at all major payment terminals within Nigeria, offering both debit and contactless options. With this launch, PalmPay aims to redefine the everyday banking experience – making it more accessible, reliable, and rewarding.
Alongside the standard debit card, PalmPay is also rolling out PalmPay Premium, a tailored offering for high-volume users. Benefits include:
- A dedicated PalmPay Premium Card
- Priority customer support
- Higher transaction cashbacks and savings interest rates
- Exclusive merchant rewards and advanced financial tools
This premium service reinforces PalmPay’s commitment to empower users at every stage of their financial journey – from first-time account holders to high-earning professionals seeking more from their financial tools.
The PalmPay Debit Card was made possible through PalmPay’s strategic partnership with Verve, reinforcing both companies’ shared commitment to inclusive, locally relevant digital banking solutions.
“PalmPay is dedicated to using technology to broaden financial access,” said Chika Nwosu, Managing Director of PalmPay Nigeria. “This collaboration enables us to offer secure, widely accepted payment cards integrated with the full power of PalmPay’s ecosystem. Together, we’re reshaping how Nigerians experience digital finance.”
Vincent Ogbunude, Managing Director of Verve International, added: “We are proud to partner with PalmPay on this important milestone. Our alliance with PalmPay reflects our shared mission of accelerating financial inclusion and delivering payment innovation that meets the needs of African consumers.”
From zero-fee transfers and high-yield savings to instant credit, insurance, and now cards, PalmPay is building the financial infrastructure of the future – redefining digital banking to be more personalised, comprehensive and accessible to everyone.
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