African FinTech EFT Fights Fraud with ACI
End-to-end payment solutions provider EFT Corporation is rolling out new fraud protection measures across Africa through a partnership with real-time payments firm ACI Worldwide.
Under the partnership agreement, EFT will integrate ACI’s fraud management solution to protect its customers in all Eastern and Southern African countries, including Kenya, Ethiopia, Uganda, Tanzania, Rwanda, Burundi, Zimbabwe, Zambia, Malawi, Botswana and Mauritius.
ACI’s fraud solution is capable of monitoring and offering protection across online and mobile channels, ATMs and POS platforms, according to a press release sent to PYMNTS on Wednesday (August 31).
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“ACI Worldwide and EFT Corporation have worked together for over 20 years to deliver incredible experiences to customers across Africa. This includes working with over five national switches and partnering with over 30 major customers across the continent,” said Jerry Shikhule, Senior Commercial head of ACI Worldwide, East Africa.
The solution aims to make fraud prevention a “competitive differentiator” for banks, acquirers, processors and networks. The tool is seamless, goes beyond what customers expect and meets regulatory requirements, according to the release.
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“This partnership will enable our customers to identify and reduce financial fraud and help reduce the compliance burden in all its forms,” said Grant Flanagan, CEO of EFT Corporation.
Flanagan added that partnering with ACI for multi-country fraud protection is another “milestone in EFT’s rapid growth journey.”
Headquartered in Ebene, Mauritius, with regional offices in Ghana, Kenya, South Africa, Zimbabwe and Zambia, EFT Corporation was founded in 1999 initially as an IT company. It has since grown to become a key player in the payment solutions landscape in Africa.
EFT Corporation currently serves over 140 retail and financial clients across Africa and represents seven industry-leading international partners, according to its website.
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