The Group CEO of Moniepoint Inc., Tosin Eniolorunda, revealed that Nigerian financial institutions have reported N159 billion in fraud since 2020. During a courtesy visit to the CEO of Fidelity Bank, Nneka Onyeali-Ikpe in Lagos, both leaders discussed the growth of digital payments and the contributions of financial services to Nigeria’s socio-economic development.

Eniolorunda emphasized the importance of collaboration among players in the financial sector to address the challenges posed by fraud.

Moniepoint, as a responsible and compliant organization, takes Know Your Customer (KYC) rules seriously, with all accounts on its platform verified through Bank Verification Numbers (BVN).

The company has implemented robust fraud detection systems and technologies to track and identify potential fraud incidents. Onyeali-Ikpe expressed Fidelity Bank’s appreciation for Moniepoint’s patience during banking channel integration optimization, which temporarily affected services.

Both organizations pledged to work closely to develop mechanisms to combat fraudulent transactions and address payment challenges in the country collaboratively.