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Nigeria-based VigiPay partners with ThetaRay to prevent financial crime risk

By Delisha Fernandes

April 27, 2023

  • AI
  • AML Compliance
  • ATM
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VigipayVigiPay, a Nigeria-based FinTech providing digital payment services, has announced its partnership with ThetaRay, an AI-powered transaction monitoring technology, to protect the company against money laundering, sanctions violations, and other financial crime risks.

Through the agreement, ThetaRay will provide VigiPay the SONAR AML solution, a cloud-based transaction monitoring and screening platform that can detect the earliest signs of sophisticated money laundering activity. The new system will enable VigiPay to achieve safe growth, regulatory compliance, and consumer transaction transparency with the expansion of transaction volumes and value services for both domestic and cross-border payments.

As we expand into the global market, we are committed to enhancing AML compliance.  With the launch of an AI tool for transaction monitoring and screening, we will be able to close transactions with larger corporations all over the world that value automation processes and transaction transparency,” said Oluseyi Oluwabusola, general manager of VigiPay.

Oluwabusola added, “ThetaRay is an excellent partner in achieving this fit. Our efficiency is set to achieve a new all-time high with the addition of automated transaction screening and monitoring, allowing us to better serve our consumers. We are committed to helping clients easily access multiple countries and thereby, grow their business and excel in today’s competitive environment.”

The Nigerian government has been driving efforts to move to a cashless society with several initiatives aimed at promoting digital payments including limits on ATM and government accounts.

“We are proud to partner with an innovative Nigerian FinTech that prioritizes trust and service to drive financial inclusion in Africa,” said Mark Gazit, CEO of ThetaRay. “ThetaRay AI technology is instilling a new standard of trust into the growing world of online payments, enabling FinTechs rapid revenue growth by opening doors to business with new financial partners worldwide.”

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