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
Central Bank of Nigeria (CBN) has reportedly injected $150 million into the foreign exchange market at the beginning of the week to keep the naira safe under pressure.
With sustained forex market intervention, a slew of analysts have formed a consensus that the exchange rate would trade range-bound in the second quarter.
Last week, the Apex Bank sold $635 million to authorized dealer banks in FX market amidst efforts to strengthen liquidity levels in the market.
A potential slowdown in US dollar supply could trigger negative exchange rate movement, according to analysts.
Again, the naira faced another round of demand pressure in the official window as offshore investors continued to exit positions in naira assets.
To stem the negative impacts of unusually high demand for US dollars, the CBN intervened with a sale of $150 million at rates between $/₦1,593.20 and $/₦1,623. Throughout the session, the USD/NGN pair moved within a range of $/₦1,593.10 to $/₦1,630, AIICO Capital Limited reported.
Data from the CBN showed that gross external reserves fell to $38 billion in the absence of additional inflows and a slowdown in oil FX receipts.
In the global commodity market, oil prices fell on Monday despite some positive signals, including exemptions for electronics from U.S. tariffs and a sharp rebound in China’s March crude imports.
These factors were overshadowed by ongoing fears that the prolonged U.S.-China trade war could hurt global economic growth and weaken fuel demand. Brent crude dropped 42 cents, or 0.65%, to $64.34 a barrel, while U.S. West Texas Intermediate (WTI) crude slid 53 cents, or 0.9%, to $60.97.
Meanwhile, gold prices declined over 1% after reaching a new record earlier in the day.
Improved risk sentiment following the tariff exemptions on smartphones and computers contributed to the dip. Spot gold fell 1.1% to $3,200.11, while U.S. gold futures declined 0.9% to $3,216.20. #CBN Injects Additional $150m into FX Market to Safe Naira First Holdco Falls below N1 Trillion in Equities Market
Access Bank, a subsidiary of Nigeria’s Access Holdings Plc, has received final regulatory approvals to acquire 100 per cent shareholding of the National Bank of Kenya (NBK), marking a significant milestone in the lender’s strategic expansion across East Africa.
The Central Bank of Kenya (CBK) confirmed on Monday that it granted approval for the transaction on April 4, 2025, under Section 13(4) of the Banking Act.
In a coordinated move, Kenya’s Cabinet Secretary for the National Treasury and Economic Planning also gave the green light on April 10, 2025, pursuant to Section 9 of the same Act.
Access Bank is acquiring NBK through a full purchase of shares from KCB Group Plc, which has held complete ownership of the bank since 2019.
As part of the acquisition, selected assets and liabilities of NBK will be transferred to KCB Bank Kenya Limited, a wholly owned subsidiary of KCB Group.
The CBK and the Treasury have both approved this transfer as an integral component of the broader transaction.
According to CBK, the acquisition will be finalized upon the full completion of agreed terms between Access Bank and KCB Group. Once completed, Access Bank will officially own and operate NBK, positioning itself as a stronger competitor within Kenya’s dynamic financial services landscape.
The acquisition of NBK aligns with Access Bank’s long-term strategy to scale operations in East Africa and deepen its presence in Kenya, one of the continent’s most competitive banking markets.
The move is expected to enhance Access Bank’s capacity to deliver innovative digital and financial solutions to a broader customer base in the region.
The CBK welcomed the acquisition, stating that the transaction is consistent with its objective to promote the development of a sound, stable, and inclusive financial sector.
The regulator expressed confidence in Access Bank’s capability to ensure continuity of services at NBK while strengthening financial resilience in the market.
“The acquisition will enable Access Bank to leverage NBK’s infrastructure and customer base, thereby enhancing service delivery and financial inclusion in Kenya,” the CBK noted.
Access Bank’s expansion reflects a broader trend of cross-border banking consolidation in Africa, as regional financial institutions seek to build scale, diversify risk, and foster long-term growth across key markets.
Securities Exchange Commission (SEC) has charged all fintechs, cryptocurrency firms and exchanges to register with the commission. This is coming weeks after President Bola Tinubu assented the Investments and Securities Act 2024 into law, making its provisions officially enforceable.
Dr Emomotimi Agama, DG, SEC
“If you are not registered with the SEC, you are illegal,” Dr Emomotimi Agama, director general, SEC, said during a virtual engagement that held yesterday.
“Registration is the hallmark of regulation. If there is no registration, there is a violation. Hence, we all must educate ourselves and clear any doubt in the process of building a strong Fintech ecosystem.”
The desire to fast-track digital asset licensing and registration is slowly becoming a core mandate for Agama in 2025.
This turnaround is quite significant from 2021, when the rise of cryptocurrency was stalled by several bans, hurting the growth of the sector.
However, the SEC boss is determined to avoid sharp practices and safeguard investors from pump and dump schemes, ponzi schemes and volatile meme coins introduced by celebrities.
Last year, the commission warned the general public against meme coins introduced by African singer and songwriter, Davido.
For the digital asset providers seeking licensing who have not yet gotten a response, Agama noted that work has been happening underground.
“We have observed some significant issues which we need to take care of. Some of the new applications need a level 3 due diligence before getting a provisional license. It must have taken longer than necessary. However, what we are trying to do is to make sure that every gap is covered.”
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