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Oracle helps Nigerian bank combat fraud

By , IT in government editor
Nigeria , 26 Apr 2012

Oracle helps Nigerian bank combat fraud

Nigeria’s FirstBank has joined forces with multinational computer technology corporation, Oracle, as part of its bid to combat financial crime.

FirstBank plans to use ‘Oracle Financial Services Know Your Customers’ programme, which is software that is capable of providing risk-based transaction monitoring by keeping tabs of suspicious and fraudulent activities.

Oracle is also providing the bank with what it calls a ‘Regulatory Reporting Solution’, which is an automated system for the creation and filing of suspicious transaction reports.

Oracle’s group vice president and managing director, S. Ramakrishnan said, “Its important for financial institutions to take this approach to monitor financial crime and regulatory reporting, for their own benefit and for customers.”

The bank will use ‘Oracle Financial Services Know Your Customers’ and ‘Regulatory Reporting Solution’ programmes in a bid to meet rigorous regulatory and reporting obligations.

Mojisola Aderinto, chief compliance officer at First Bank of Nigeria, said,“Complying with regulatory requirements and fighting financial crime are key priorities for us.”

Aderinto added, “Oracle’s proven track record in the financial services field makes them an obvious choice to help deploy the integrated system.”

Fraud is a big problem in Africa.

According to a KPMG last year, the number of reported cases of fraud on the continent in the first half of 2011 amounted to 520 cases at a value of $3.7bn.

The African country with the most reported fraud cases was South Africa at 35% of all cases in the second half of 2011, while Nigeria had the second most cases, at 22% of all cases.

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