Nigerian Fintech Companies to Work Together to Combat Fraudulent Transactions
Nigeria’s fintech businesses are collaborating on a plan to combat fraudulent transactions within their networks in response to recent reports that Flutterwave was allegedly hacked.
The “Project Radar” registry would allow businesses to aggregate information, such as banking and government identity data, of people and groups who have attempted or carried out fraudulent activities.
The objective is to begin compiling a blacklist of alleged criminals.
The list is made in an effort to combat the ecosystem’s growing fraud cases.
NIBSS, which runs a central switch for fast payments and is jointly operated by Nigeria’s central bank and commercial banks, is said to be working with the group to determine the best way to integrate with its current fraud reporting system.
More than a dozen businesses are represented, including the payment processor Flutterwave, the online bank Kuda, and the savings app Cowrywise.
The CEOs lamented that fraudsters were becoming more adept at exploiting flaws in the financial system, but businesses were not exchanging information among themselves to spot such criminals.
