Keystone Bank in Nigeria has turned to FinovateAsia alum NetGuardians in order to meet a new anti-fraud directive from the country’s central bank. Keystone Bank ($2 billion in assets) will deploy NetGuardians’s FraudGuardian technology, which leverages Big Data and predictive analytics to enable continuous auditing across channels, IT levels, and financial transactions.
FraudGuardian was singled out by Nigeria’s Central Bank (CBN) as an effective way for FIs to meet recently-issued anti-fraud reporting requirements, a point underscored by Keystone Bank CIO, Femi Aderibigbe. “The CBN recommendation naturally gave confidence in the NetGuardians solution,” Aderibigbe said before adding that the technology’s “innovative approach to fraud prevention and system features” were also major factors in choosing to deploy FraudGuardian.
Pictured (left to right): NetGuardian’s Mine Fornerod (Digital Marketing Manager) and Eric Margaryan (Asia Regional Director) demonstrating FraudGuardian at FinovateAsia 2016.
NetGuardians founder and CEO Joël Winteregg praised Keystone Bank as a “technology savvy, service-driven institution (where) eBanking is a key part of their operations.” According to Inlaks Computers, local implementation partner for NetGuardians, the Keystone Bank deployment is part of a larger plan to bring anti-fraud solutions to the area. Precious Osegi, Director of Sales and Strategy for Inlaks said, “(We) look forward to extending FraudGuardian to more banks in the West Africa region to mitigate fraud risk.” NetGuardians announced a deployment of FraudGuardian with the National Bank of Malawi last November.
Founded in 2007 and headquartered in Yverdon-les-Bains, Switzerland, NetGuardians made its Finovate debut at FinovateAsia 2016 in Hong Kong. A Gartner Cool Vendor for 2015, NetGuardians was recognized at the Aurexia FinTech Awards in London last fall in the category of post-trade for investment suitability. The company has raised more than $5 million in funding, and includes MoneyTime Ventures and Polytech Ventures among its investors. Co-founder Raffael Maio is COO.