E-Financial
150m Reasons to Stop Fraud @ Checkout
Security is a big deal for us consumers. That’s why we invest in gate men and guards for our homes and expensive anti-virus software for our PCs.
Despite that, how many of us have actually paused to consider what happens after we pay with our credit or debit cards at the checkout? Where does our information go to? Or, who is protecting it? In just a few short seconds after handing over our card, we’ve paid and gone on our way, with little thought to the process that takes place behind the scenes.
Behind each transaction is actually a carefully orchestrated process. When a Visa cardholder uses a card to buy a pair of shoes, it’s actually the acquirer — the merchant’s bank — that pays the merchant for the shoes.
Then, the issuer — the cardholder’s bank — reimburses the acquirer, usually within 24 to 48 hours. Last, the issuer collects from the cardholder by withdrawing funds from the cardholder’s bank account if a debit account is used, or through billing if a credit account is used.
With all the linkages and players involved, you might wonder about the security of it all. How does the system detect that it’s really you, the genuine cardholder, who is making the purchase? What happens if you lose your card? Will a thief be able to conduct a fraudulent transaction using your information with the same ease and speed?
The Art Of Fraud Prediction
The next time you pay with your card, pause and consider how your bank decides whether or not to authorize your request.
All transactions must go through a payments processing network such as VisaNet, a robust and secure system that ensures that your payments are not just fast and reliable, but safe too.
Sophisticated risk management services within the payments network ensure that every player in the payments ecosystem is protected – from cardholders like you, to merchants and banks – from losses due to fraud, theft, or unauthorized use of debit, credit and prepaid cards.
Chances are your bank depends on risk management services such as Visa Advanced Authorization that monitor transactions, detect any unusual spending patterns and flag possible fraud – all in real-time.
The payments network analyzes thousands of examples of valid purchase transactions and constantly updates account transaction patterns so that future purchases can be evaluated against the most current information.
So for example, if you only ever use your card to purchase online music, a transaction for an expensive widescreen HD television, perhaps in another country, would be identified by the payments system as unusual.
A rating of that transaction’s potential for fraud is then sent to the card issuer, your bank, including information on whether it was part of a reported third-party data security compromise.
With this information on hand, your bank can respond immediately to the merchant on whether to accept or decline the transaction.
If suspicious, your financial institution may choose to temporarily put charges on hold, notifying you as soon as possible to verify the legitimacy of the charges.
This is important, because the ability to analyze transactions in real-time helps stop fraud at the checkout – even before it takes place!
At Visa, the reliability and security of every one of the 150 million transactions we process each day lies with VisaNet, the world’s largest retail electronic payments processing network.
Every day, VisaNet connects up to 2.1 billion cards, millions of acceptance locations, 2.0 million ATMs and 14,800 financial institutions.
This translates to more than US$6.5 trillion in global consumer spend on our products every year.
That’s a huge responsibility on our shoulders, and we know we can never take this trust for granted.
Criminals and fraudsters never stop. They are smart, nimble and determined – moving quickly to take advantage of new opportunities to perpetuate fraud.
This is why we have invested heavily in new technologies and innovations – from encryption of data to chip technologies – to make sure we are always one step ahead.
Ours is a system that is consistently and constantly upgraded to provide new services, enhancements and capabilities that consumers expect.
Visa also collaborates with the broader payment community on innovative data security techniques, authentication solutions and technologies and fraud prevention strategies to keep payments safe.
This is why over the past five years, even as global transaction volume has increased dramatically, global fraud rates have remained near historic lows.
So the next time you see the word ‘approved’ appear on the Visa card terminal in front of you, you know that your payment has been made not just successfully, but securely too.
ChatPay has launched Africa’s conversational banking platform, enabling individuals and businesses to access financial services through WhatsApp.
The Lagos-based fintech startup, is in controlled rollout, connecting WhatsApp to linked-bank management, airtime and supported electricity payments through simple conversations.
The company said the platform is designed to enable users to send money, pay bills, buy airtime and manage business transactions within WhatsApp conversations, subject to the completion of regulatory approvals and integration with licensed banking partners.
According to ChatPay, the platform is operated by CP Technology Limited and is currently undergoing a phased rollout ahead of its planned public launch.
The company said the initiative is intended to simplify access to financial services by leveraging WhatsApp, which it estimates is used by more than 50 million Nigerians monthly.
Speaking on the idea behind the platform, Adeoluwasubomi Odebunmi, product lead and co-founder, said the concept emerged while she was studying Software Engineering at Babcock University.
“I saw the gap while I was still in school—how much friction there was just to move money. I didn’t want to just study the problem. I wanted to help fix it,” she said.
Odebunmi said she had previously worked on software solutions spanning e-commerce, real estate management, school administration and artificial intelligence applications before co-founding ChatPay.
Aseoluwa Siyanbola, growth lead and co-founder, said his experience managing Nigerian bank accounts while studying abroad highlighted some of the challenges users face with digital banking services.
According to him, difficulties such as one-time password (OTP) failures and inconsistent banking applications inspired the team to explore conversational banking solutions.
“We each encountered similar challenges and came together to build a solution that simplifies everyday financial transactions,” he said.
cAbraham William, tech lead and co-founder, said the company is focused on improving access to financial services through a platform that many Nigerians already use daily.
“We want to make financial services easier to access by allowing people to carry out transactions through a familiar messaging platform,” he said.
William said he oversees the company’s engineering, technology strategy and system architecture.
ChatPay said its services will be introduced in phases as regulatory requirements are met and integrations with banking partners are completed.
The company added that its newly launched “Founding 2,500” programme will enable selected early users to test features, provide feedback and participate in product development before the platform’s wider rollout.
According to the company, interested users can register for the waitlist and the Founding 2,500 programme through its website.
Founded by Odebunmi, Siyanbola and William, ChatPay said its long-term goal is to expand conversational banking services beyond Nigeria into other African markets after its domestic rollout.
United Bank for Africa (UBA) Plc has been named Nigeria’s Best Bank for Retail Banking and Best Bank for Sustainability Leadership (ESG) at the 2026 Euromoney Awards for Excellence, reinforcing its position as one of Africa’s leading financial institutions.
The awards were presented on July 17 at The Peninsula London in the United Kingdom, recognising financial institutions that have demonstrated outstanding performance, innovation, customer impact and sustainable banking practices.
The double recognition highlights UBA’s growing influence in retail banking and its commitment to advancing environmental, social and governance (ESG) principles across its operations.
According to Euromoney, UBA distinguished itself through a series of sustainability initiatives, including the introduction of a Green Financing Facility designed to support households and businesses transitioning to renewable energy.
The publication also cited the bank’s ₦5 billion financing programme, implemented in partnership with the Bank of Industry (BOI), to provide funding for women-owned businesses.
Euromoney further recognised UBA’s commitment to achieving net-zero carbon emissions by 2050, describing it as a demonstration of the bank’s long-term sustainability strategy.
The publication also highlighted the bank’s efforts to integrate sustainability into its operations through the deployment of solar-powered energy solutions across 50 branches and comprehensive ESG capacity-building programmes that have trained more than 16,000 employees across the UBA Group.
In the retail banking category, Euromoney noted that UBA continued to consolidate its position as one of Africa’s largest retail banking institutions.
According to the publication, the bank expanded its customer base to more than 37 million by the end of 2025, while retail banking revenue increased more than fourfold to ₦429.5 billion.
The awards also recognised UBA’s continued investment in digital banking innovation, particularly enhancements to its artificial intelligence-powered chatbot, LEO.
Euromoney noted that LEO became Africa’s first AI-powered banking platform to facilitate cross-border money transfers in local currencies through the Pan-African Payment and Settlement System (PAPSS).
Commenting on the awards, UBA’s Group Managing Director and Chief Executive Officer, Mr Oliver Alawuba, described the recognition as a validation of the bank’s commitment to delivering value to customers while promoting sustainable development across Africa.
“To be recognised as Nigeria’s Best Bank for both ESG and Retail Banking in the same year sends a powerful message that sustainable banking and commercial success are mutually reinforcing.
“At UBA, we are committed to financing Africa’s future, supporting businesses and communities, promoting financial inclusion, and delivering innovative banking solutions that improve lives.
“These awards belong to our customers for their confidence in us and to every member of the UBA family whose dedication continues to make our vision a reality,” he said.
Also speaking, UBA’s Group Head, Marketing, Brand and Corporate Communications, Mrs Alero Ladipo, said the awards reflected the bank’s unwavering commitment to putting customers at the centre of its operations.
According to her, every innovation, investment and banking solution introduced by UBA is aimed at creating exceptional value for customers while expanding access to financial services.
“These awards are a powerful affirmation of our Customer First philosophy.
“Whether it is supporting entrepreneurs with access to finance, enabling seamless digital payments, advancing clean energy financing or expanding financial inclusion across Africa, UBA remains focused on delivering meaningful impact.
“We are honoured that one of the world’s most respected financial publications has recognised these efforts,” she said.
UBA currently operates in 20 African countries, as well as the United Kingdom, United States, France and the United Arab Emirates, serving more than 45 million customers through a combination of digital banking platforms and physical branch networks.
The bank said it remains committed to strengthening financial inclusion, driving innovation and supporting sustainable economic development across Africa and beyond.
Nigeria Deposit Insurance Corporation (NDIC) has begun paying insured deposits to customers of the 46 recently failed microfinance banks.
Mr Thompson Sunday, managing director and chief executive, NDIC, disclosed this in an interview with the News Agency of Nigeria (NAN) in Abuja.
The interview took place on the sidelines of the International Association of Deposit Insurers Africa Regional Committee meeting.
Sunday said the corporation was using the Nigeria Inter-Bank Settlement System (NIBBS) and customers’ Bank Verification Numbers (BVN) for the payments.
He said the NDIC had traced depositors’ alternative bank accounts and credited them directly without requiring physical visits.
He advised depositors without BVNs to visit the nearest NDIC zonal office for verification and payment processing
“The CBN revoked the licences of the 46 microfinance banks on July 1, 2026,” he said.
He said the NDIC automatically became the provisional liquidator after the revocation, in line with the law.
Sunday said the corporation had commenced payment of the insured maximum deposit of N2 million to eligible customers.
He explained that further payments would depend on the recovery of the failed banks’ assets and outstanding debts.
He said proceeds realised from recoveries would be distributed as liquidation dividends to eligible depositors.
Sunday cited Heritage Bank, Aso Savings and Union Homes as examples of the NDIC’s prompt reimbursement efforts.
He said insured depositors of Heritage Bank were paid within four days of the revocation of its licence.
He added that customers of Aso Savings and Union Homes received payments within 72 hours.
“The law allows us 30 days, but we are working to surpass our previous records,” he said.
The Central Bank of Nigeria (CBN) revoked the banks’ licences for failing to meet regulatory requirements for continued operations.
The apex bank said the action was aimed at protecting depositors, strengthening financial stability and ensuring regulatory compliance.
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