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CWG signs strategic partnership with Clari5 to help African Banks combat financial crime in real-time

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CWG Plc and Clari5
CWG Plc and Clari5 ink partnership
Leading information technology company CWG, today announced that it has partnered with Banking Enterprise Financial Crime Risk Management products company Clari5 to jointly help African banks combat enterprise fraud and money laundering.

Through this strategic partnership, CWG and Clari5 will provide solutions to African banks to counter enterprise-wide fraud and money laundering risk.

Banks across Africa can now benefit from the unparalleled advantages of Clari5’s extreme real-time, cross channel, enterprise-wide fraud risk management capability.

“We are tremendously excited to partner with Clari5,” said the Group CEO, CWG, Adewale Adeyipo. “The pan-African fraud and money laundering landscape has become alarmingly sophisticated over the last few years and clearly banks are seeking more efficient solutions to combat the scourge. But dealing with the new reality is beyond the league of conventional, siloed anti-fraud solutions. With Clari5, banks now the power of a world-class enterprise-wide real-time financial crime management solution that has been changing the way banks fight financial crime.”

Adewale Adeyipo

MDCEO, CWG Plc.,  Adewale Adeyipo

Clari5 CEO, Rivi Varghese, added, “We believe that the best way to combat fraud and money laundering is with a solution that can behave like the human central nervous system to synthesize intelligence from across all channels of the bank in that very moment when it matters most. Clari5’s proven real-time product capability in thwarting financial crime, coupled with CWG’s unparalleled market reach and rich legacy of engagement successes makes it a compelling value proposition for innovative African banks to prevent bottom-line losses to financial crime. We are both proud and delighted to partner with CWG – the legendary African technology leader.”

About the partners:

CWG Plc

With over two decades of contribution to the Information & Communication Technology sector, CWG – an ISO 9001 certified technology conglomerate has set a benchmark for technology and service excellence in Africa by consistently delivering service excellence using global best practices.

CWG commenced operations in Nigeria in 1992 as Computer Warehouse Limited primarily to cater to hardware projects. In 1994, CWG established DCC Networks as its communications arm to provide VSAT, Metropolitan, Wide / Local Area Networks to corporates. In 1997 CWG acquired Expert Edge Software to address demands in software solutions, systems and training. 

In 2003, the company established a Ghana branch to cater to the needs of the West African region and in 2005 CWG was incorporated to provide centralized management to make its subsidiaries leaner, efficient and more customer-centric.

In 2012, CWG merged with its three subsidiaries. In pursuit of its pan-African vision, CWG established other regional offices in East and Central Africa – CWG Uganda Limited (2010) and CWG Plc Cameroon Limited (2012). 

In 2013, CWG became a Public Company and listed its shares on the Nigerian Stock Exchange. The listing boosted the market capitalization of the NSE by about N14 billion, making it the highest market capitalization for ICT.

It also marked the first listing on the exchange after the launch of its X-Gen trading engine that is also used on NASDAQ.

Clari5

Endorsed Category Leader in Financial Crime Risk Management Systems for Enterprise Fraud by Chartis

Research, Winner of IBS Intelligence Global Fintech Innovation Award, Best Fraud Detection Product Award by Risk.net and ranked consistently in global RiskTech and Regtech Top100 rankings and quadrants, Clari5 redefines real-time, cross-channel banking Enterprise Fraud Management using a central nervous system approach to fight financial crime.

Clari5

Clari5 CEO, Rivi Varghese

Clari5 uses a ‘human brain like’ approach to fraud that synthesizes intelligence enterprise-wide and delivers contextual insights in real time to stop fraudulent transactions.

Clari5 is a bolt-on system, requires no replacement and features a compact implementation cycle with extremely quick ROI. Harnessing the combined power of Automation, AI, ML, Decision Sciences & Real-time Decisions, Clari5 processes over 10 bn transactions, manages over 500 mn accounts and reliably secures 4% of the global population’s banking transactions.

With 200 mn accounts at a single site, Clari5 has the world’s largest implementation of a fraud management solution. Marquee banking customers across 15 countries who trust Clari5 for driving their fraud management strategy are recipients of premier global industry acclaim, including IBS Intelligence’s Global Fintech Innovation Award for Most Innovative use of AI and ML, The Asian Banker Operational Risk Technology Implementation of the Year Award and Celent’s Model Bank of the Year. 

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COMMENT: Nigerian stocks and fears over Naira devaluation

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Naira devaluation
Naira

BY: Lukman Otunuga [Senior Research Analyst at FXTM]

In the face of economic uncertainty, dollar scarcity and depressed Oil prices, the Central Bank of Nigeria (CBN) has devalued the Naira for the second time this year.

At an auction of importers last Friday, the CBN asked that bids for foreign exchange to be made at 380 Naira per dollar, compared with 360 previously. While this move may harmonize Nigeria’s multiple exchange rates and even improve transparency, it may come at the cost of higher inflation.

Given how consumer prices have already jumped to 12.40% in May amid border closures and supply chain disruptions, a weaker Naira that fuels inflationary pressures could hit living standards of Nigerians.

This negative sentiment was reflected on the Nigerian Stock Exchange on Monday, as the All Share Index closed in the red despite equity markets across the globe rallying. Buying sentiment towards local stocks may remain heavily influenced by coronavirus developments and domestic economic data. With the economic calendar for Nigeria void of Tier 1 economic releases this week, the focus may turn towards Oil prices which account for over 90% export earnings and roughly 70% of government revenues.

Nothing much has changed in the Oil arena since the EIA reported a 7.2 mbpd drop in oil stockpile last week. The commodity pretty much remains driven by coronavirus related developments and factors influencing fuel demand. Appetite towards the Oil received a minor boost thanks to the positive US jobs report; however, gains were later capped by risks around a new round of lockdowns due to rising coronavirus cases.

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Standard Bank partners with leading global expert to launch paper on Africa’s platform economy

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Standard Bank
Standard Bank

BY: Chisom Ada

Many African organisations are well placed to drive the next wave of innovation in the global platform economy, according to the findings of a report by world-renowned platform economy expert Sangeet Paul Choudary and Standard Bank’s Corporate and Investment Banking (CIB) Digital unit.

The paper, titled ‘Can Africa take the platform economy forward?’, analyses the challenges facing the continent’s platform economy, the path it is likely to follow, and the untapped opportunities for long-established organisations.

Despite several unique challenges across the continent, the platform economy is gaining traction in Africa as consumers and businesses grow more accustomed to online services.

Embodied by the likes of Amazon and Uber, the platform economy refers to value-creating interactions facilitated by digital intermediaries.

Africa’s sophisticated mobile-money market is one of the best-known examples of platform innovation on the continent, which is fast developing alternative infrastructures in response to the dearth of continent-wide traditional digital infrastructure.

As its platform economy takes root, Africa may well draw on the experiences of both India and China, whereby governments work to develop standards and create basic digital capabilities such as identity management, while private companies build out the necessary financial and logistics infrastructure.

At the same time, opportunities exist for traditional African organisations to drive new innovations and develop new operating models in the platform economy.

With their extensive networks and ecosystems of clients and partner organisations, companies that are already deeply entrenched in the African market are well placed to facilitate the growth of the business-to-business sharing economy, in which companies drive efficiencies by sharing services, processes and digital assets.

“Banking groups are among those that could seize this opportunity,” says the Head: CIB Digital Channels, Standard Bank, Kent Marais. “For example, a financial services organisation can provide a digital platform that facilitates value-creating interactions between ecosystem participants – clients and other partner organisations”.

In this scenario, a corporate banking client that has developed a robust risk-management function could consider taking on the role of a capability provider that on-sells this service to other businesses in the ecosystem.

Platform owners themselves can also on-sell some of their own digital capabilities which they have built up over the years and invested heavily in. For instance, a telecommunications company with a mobile-money platform could provide credit-scoring services to ecommerce platforms keen on offering instalment-based payment options to boost sales.

By participating in the platform economy, organisations have an opportunity to better service clients while also generating new revenue streams.

“Globally, the current health and economic crisis sparked by the Covid-19 pandemic has brought platform operating models to the fore, and the digital infrastructure providers behind them – cloud providers such as Microsoft, Amazon and Google – are playing a crucial role,” says Sangeet Paul Choudary.

“But the crisis has also resulted in a stalling of big-tech regulations,” he adds. “Against this backdrop, there needs to be a focus on ensuring that we leverage platforms to develop solutions to humanitarian problems, and to ensure that organisations are more efficient and able to withstand this shock and the period that will follow.”

As the Covid-19 pandemic weighs heavily on the African and global economy, it is clear that platform companies are faring better than most. African organisations should consider how they can participate in this segment of the market – whether that means building and owning platforms themselves or participating in them, or both – to ensure that they are agile and able to adapt their offerings while also accessing new revenue streams.

The paper, launched digitally, was authored by Choudary and Standard Bank CIB Digital’s Jonathan Lamb and Kent Marais. It is available here.

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Traditional money is on its way to becoming smart money after COVID-19, says WBAF Chair

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Smart Money by WBAF
Image Credit: Due/Google

The Chairman, World Business Angels Investment Forum (WBAF), Baybars Altuntas, recently hosted a virtual World Press Conference where key findings of a global survey that included business owners from more than 81 countries and across multiple industries were announced.

He said that the WBAF has taken active roles in the ongoing global pandemic, key among which was the submission of a comprehensive policy recommendations report to the G20 leadership in order to alert policymakers about the urgent needs of startups.

Altuntas, a former Senior Advisor to the London Stock Exchange Group, said we are convinced that we will be able to present a better road map of post-pandemic times for startups, scaleups, entrepreneurs, small & medium enterprises and investors if a greater emphasis is placed on knowledge, which is central to the transition debate to a ‘new normal’. We believe that simply keeping physical distance, washing hands and staying at home is not enough to solve the challenging problems that entrepreneurs and the young generation will face after COVID-19 ceases to be a problem. We need better policies that are developed in the light of knowledge that can only come from the entrepreneurship and investment ecosystem.”

 “Smart entrepreneurs will be the winners in post-pandemic economies! As the COVID-19 crisis continues but geographies around the world begin to reopen, consumer behaviours have started to change. Entrepreneurs who are quicker to read the changing customer behaviours will take more active and profitable roles in the post-pandemic business environments. Business transformation is a must, but… new combinations of talent and technology will deliver decisive advances in customer experience, operational efficiency and competitive edge in post-pandemic times.”

‘Business transformation will be a must for all businesses, from the smallest to the biggest. Digital transformation should drive positive outcomes: whether it is streamlining processes, harnessing data or shaping entirely new ways of doing business. This is about uniting every part of the enterprise in a common purpose but we must draw attention to an important fact; that, business transformation is not a cheap process. If startups are suffering financially and unable to meet even their basic expenses in the short term, how can we expect them to allocate budgets for business transformation now? In today’s unparalleled circumstances, organisations are discussing ways to slow digital transformation and preserve capital. However, history has proven that companies that took strategic future-focused investment approaches were ready when the global economy rebounded.’

Altuntas stated that ‘traditional money is on its way to becoming smart money after COVID-19 as many traditional business owners from construction, tourism, etc companies were seeking opportunities to become Angel Investors, known for making smarter investments.

“This shows that traditional money is trying to discover opportunities in the startup economy and early-stage equity markets after COVID-19. Traditional entrepreneurs are looking for ways to turn themselves to millennium entrepreneurs too while career paths are changing for the young generation now not looking for jobs but business ideas.’

“We are entering a new career environment where digitalisation and workforce should cooperate instead of competing. The replacement of human pilots with drones might be a good example of this. Some pilots have lost their jobs, but other jobs have been created in maintenance, remote control, data analysis and cybersecurity. But what about smart watering systems replacing millions of uneducated people? COVID-19 accelerated the process of developing good policies for equal rights in education. It has become common practice to deliver education online to all corners of the earth – if there are computers and internet connection available for students.’

“It is about refitting our labour markets and our social-protection and welfare systems and making sure everyone has the ability to realise the human right to social security in the post-COVID-19 digital era. No society and no organised democracy can afford to ignore the vulnerable workers who have few social protections yet whose contributions to the workforce are critical in crises.”

‘We are inviting all countries to consider the situation of 2 billion unbanked people in the world. Given the chance to study again at university, my field of choice would be computer and software engineering, a field that would facilitate establishing my own business as early as possible, instead of providing me job opportunities. COVID-19 may close the era of shared economy, which featured co-working spaces, shared cars, shared bikes, hotels, and the like with the post-pandemic Award for Excellence likely going to smarter cities, online education, healthcare and financial technologies’.

WBAF

ISTANBUL, TURKEY – FEBRUARY 19: Baybars Altuntas, chairman of the World Business Angels Investment Forum (WBAF), speaks during the WBAF at Swissotel on February 19, 2018 in Istanbul, Turkey. (Photo by Isa Terli/Anadolu Agency/Getty Images)

‘An affiliated partner of the G20 Global Partnership for Financial Inclusion (GPFI), the World Business Angels Investment Forum (WBAF) is an international organisation contributing immensely towards easing access to finance for businesses from startup to scaleup, with the ultimate goal of generating more jobs and more social justice worldwide.  

It is committed to collaborating globally to empower world economic development by creating innovative financial instruments for innovators, startups, and Small & Medium Enterprises.

The Forum interacts with global leaders in all areas of society, first and foremost in business and political spheres, to help assess needs and establish goals, bearing in mind that the public interest is of importance. It engages a wide range of institutions, both public and private, local and international, commercial and academic to help shape the global agenda.’

WBAF’s operating structure presently comprises a Board, 30 High Commissioners, 119 Senators, 57 International Partners and 47 Faculty Members from 96 countries.

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