Moniepoint, Fidelity Bank to Tackle Fraud in Financial System

The group CEO of Moniepoint Inc, Tosin Eniolorunda has called for a synergy between banks and fintechs in the country to tackle the menace of rising fraud in the financial system.

Eniolorunda made the call 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.

The Moniepoint CEO noted that, 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 Nigerian financial institutions have reported N159 billion ($201.5 million) loss to fraud since 2020.

To tackle this problem, he said, there is a need for all players in the financial services sector to come together, while stressing that Moniepoint as a responsible and compliant organization 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,” Eniolorunda posited.