MFS Africa is the largest digital payments hub in Africa, and ThetaRay is a leading provider of AI-powered transaction monitoring technology. Today, both fintech companies announced they will collaborate to protect MFS Africa’s growing network of services against financial crimes.
ThetaRay agreed to provide MFS Africa with its SONAR SaaS solution, including AI-powered AML transaction monitoring and sanctions list screening. That gives an edge over complex and emerging financial crimes and increased growth opportunities with a trusted and secure service.
MFS Africa has made significant acquisitions in the past year, acquiring Baxi, a leading super-agency network in Nigeria. Also, the US-based fintech GTP is a top processor of prepaid cards across the African continent.
Stakeholders’ Opinion About the Collaboration
The managing Director of MFA Africa said:
“As MFS Africa continues to expand its business across Africa and focuses on enabling new use cases, ThetaRay’s advanced platform assures the company an efficient and effective solution that can support our increasing payment volumes while reducing exposure to risk from financial crimes”.
MFS Africa’s full-service digital payments network connects over 400 million mobile money wallets, over 200 million bank accounts, and over 150,000 agents to enable cross-platform and cross-border payments for remittance companies, mobile network operators, banks, non-bank financial institutions, and global merchants.
Additionally, Funmi Dele-Giwa, the General Counsel and Head of Governance, Risk & Compliance (GRC) at MFS Africa said:
“Moving from a rules-based solution to a sophisticated AI platform is a game-changer for compliance. Thanks to its new breed of intelligence that drastically reduces false positives and enables us to detect unknown cases,”
“We take our role in safeguarding the integrity of payments systems very seriously, and this partnership with ThetaRay exemplifies our approach to a strong governance and control environment,” she added.
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In a statement, the CEO of ThetaRay mentioned their ecstasy about the collaboration with a partner that thinks forward. He added:
“MFS Africa has an attractive strategy which is to provide a novel technology that helps drive financial and economic inclusion. ThetaRay’s advanced AI enables the trust needed by new financial players to be accepted into the system, helping grow business and revenues.”
Facts About SONAR
- SONAR is based on an advanced form of AI called “artificial intelligence intuition” that makes better decisions with no bias or thresholds.
- It offers customers a risk-based approach to effectively identify truly suspicious cases.
- Also, it creates a full picture of customer identities including across complex, cross-border transaction paths. This enables the rapid discovery of both known and unknown money laundering threats, with a peerless 95% detection rate and up to 99% reduction in false positives compared to rules-based solutions.
Fact About MFS Africa
- At MFS Africa believes that making a payment should be as easy as making a phone call.
- They believe that access is the currency through which Africans can overcome barriers and injustice and render borders insignificant.
- MFS Africa gives their partners access to a borderless world of opportunities, connecting enterprises, mobile money operators, money transfer operators, banks, non-bank financial institutions, and online and offline merchants to each other and to more than 400 million mobile money wallets, over 200 million bank accounts and over 150 000 agents in over 35 African countries.
- They enable domestic and cross-border disbursements and collections across their network of networks. They also work closely with all their partners across the globe to make borders matter less. Watch their video manifesto here.
Read also: What to expect from the Nigerian fintech week in 2022
Fact About ThetaRay
- ThetaRay’s AI-powered SONAR transaction monitoring solution, based on “artificial intelligence intuition,” allows banks and fintech. This is to expand business opportunities and grow revenues through trusted and reliable cross-border payments.
- The groundbreaking solution also improves customer satisfaction, reduces compliance costs, and increases risk coverage.
- Financial organizations that rely on highly heterogeneous and complex ecosystems benefit greatly from ThetaRay’s unmatchable low false positive and high detection rates.
View the source version of this report on BusinessWire.
