The CWG Plc has entered into partnership with Customer XPs Software to tackle the rising electronic fraud in the banking industry with deployment of Clari5, a software solution that prevents fraud real time, online.
Speaking at a press conference to officially announce the partnership, Rivi Varghese, CEO, Customer XPs Software, explained that Clari5 is a global product leader in banking for enterprise financial management, adding that the app has been deployed in 23 countries around the world.
He further explained that the solution adopts a customized approach to fight fraud. Varghese expressed optimism that the solution would help in driving down fraud in Nigeria’s banking sector with more adoption by other banks.
Also speaking, Moruf Ireti Yusuf, Chief Technology Officer for CWG, said that the company has been able to onboard one of the oldest and largest banks in Nigeria within few months of its take off in 2019, while three banks are already on its platform in Ghana.
He stated that more banks are expected to key into the solution before the end of the year, saying: “We are able to do this because we have a solution, perhaps, the only solution that can prevent fraud real time, online. “In this short period, we have been able to demonstrate that we can bring a solution that will meet not only the customers’ needs, but meet the regulator’s needs. Because we have a very deep understanding of the local regulations, we have been able to customize our solution to meet all the Central Bank of Nigeria (CBN) regulations and I can tell you, our customers are happy coming along with us.”