African FinTech EFT Fights Fraud With ACI

End-to-end payment solutions provider EFT Corporation is instituting 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 web and mobile channels, ATMs and POS platforms, according to a press release emailed to PYMNTS on Wednesday (Aug. 31).

See also: Inflation Increasing Consumer, Merchant Use of Digital Payments

“ACI Worldwide and EFT Corporation have been working together for over 20 years to provide incredible experiences to customers across Africa. This includes working on over five national switches and partnering with over 30 major customers across the continent,” said Jerry Shikhule, senior commercial lead for 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 demands, according to the release.

Related: APIs Bridge Payment Gap for Online Merchants Selling Into Africa

“This partnership will enable our customers to identify and mitigate financial fraud and help reduce the compliance burden in all forms,” ​​said Grant Flanagan, chief operating officer of EFT Corporation.

Flanagan added that working with ACI for fraud protection in multiple countries 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 originally as an IT company. It has since grown to become a key player in the payment solutions landscape in Africa.

EFT Corporation currently services over 140 retail and financial clients across Africa and represents seven industry-leading international partners, according to its website.

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