Facctum launches anti-fincrime technology for Nigerian banks

By Delisha Fernandes

Facctum, a riskTech company specialising in anti-financial crime solutions, has launched its next-generation technology in Nigeria.

These cutting-edge applications harness the power of parallel processing technology, giving Nigerian financial institutions new choices to modernise financial crime detection.

As the Nigerian financial service industry adjusts to a new risk environment, following the recent greylisting of the country by the Financial Action Task Force (FATF), the Facctum initiative offers highly performant technology that is also affordable and sustainable.

Facctum plans expansion in Africa by strategically focusing on serving Nigerian financial institutions and regTechs. Nicolas Willard, Facctum Director of Business Development EMEA, said, “We are delighted to bring anti-financial crime solutions much closer to the Nigerian financial and FinTech industry. Nigerian institutions are growing quickly, and modern risk management technology is critical in ensuring that new opportunities are safe and sustainable.”

Facctum uses a combination of cloud and state-of-the-art parallel processing technology to deliver financial crime compliance solutions to regulated industries. The focus on cloud technology results in solutions that can be provided economically while ensuring high security and performance levels.

François Améguidé, Facctum Director of Business Development Africa, said, “We are excited to announce the launch of FacctList, our new watchlist management solution that will revolutionise the way Nigerian financial institutions manage mission-critical sanctions and anti-terrorism financing risk data. It will enable a rapid response to high-velocity changes in regulatory obligations and provide new levels of transparency in risk decisioning. This provides Nigerian firms with a new approach to demonstrate the strength of compliance controls to regulators and international partners.”