E-Financial
Firms Launch Clari5 to Stem Frauds in Financial Institutions
CWG Plc and Customer XPs Software have launched new sophisticated software that provides real-time detection and prevention of cyber threats into the market.
The software, known as Clarii5 is a real-time intelligence solution that provides real-time anti-fraud and anti-money laundering capabilities on a unified real-time intelligence platform. It is also a fraud detection, monitoring and prevention solution that monitors suspicious patterns across transactions, events, users, accounts, systems in real-time and responds with the right action to pass or block transaction, or generate real-time alerts for manual investigation.
Moruf Yusuf, chief technology officer, CWG, said Clari5 would help the financial industry to checkmate the threats of digitisation while benefitting fro the global trend.
He explained that the partnership with CustomerXPs started in 2019 to ensure that Nigerian banks and other financial institutions have access to globally acknowledged technology to tackle cybercrimes.
He outlined that the product, which has also been launched in Ghana has started off to well as it has already on-boarded one of the largest financial institutions in Nigeria and three Ghanaian banks.
“We are also in discussions with other banks in Nigeria too to see how we can bring them on our platform. We are able to do this because we have a solution that can prevent fraud in real time online. Other solution competitors in this space do not have the kind of superior technology that we have and for that our clients are happy that they came onboard with us.
“Beyond that, we have actually done so many Proof of Concepts (POCs) and we are sure that before the end of this year, we are going to add more logos to the list of clients that we have,’ he added.’
“We have also been able to customise our solution to meet the Central Bank of Nigeria’s (CBN) requirements. Beyond that, we have good local support and interestingly, we are not affected by the dollar regime and because of this unique partnership, we are able to accept local currency payments. We are also connected to all the payment channels so that if any transaction is to take place, we are the first to know and to determine if it is fraudulent or not.
“Other solution competitors in this space do not have the kind of superior technology that we have and for that our clients are happy that they came onboard with us,” Yusuf said.
Rivi Varghese, chief executive officer, CustomerXPs Software, described Clari5 as an “intelligent soul” for financial transactions as it uses the the best of technology to help financial institutions achieve their financial crime risk management.
According to him, Clari5 real-time intelligence solutions are deployed enterprise wide using commodity hardware in some of the biggest global banks with the solution suite providing real-time anti-fraud and anti-money laundering capabilities on a unified real-time intelligence platform.
“CWG is in partnership with Clari5 to help African banks combat financial crime in real-time. When economy start growing, financial growth start increasing in the country, and fraud happens. This is a moment of growth for Nigeria because the best of technology for crime management is meant for Nigeria and that’s why we’re working with CWG
“Based on our experience, we are a global category leader and we have 60 banks as a subscriber. You know, in almost every bank, they will recover a couple of multiple times their investment in the same year itself in terms of preventing frauds. So, let’s say, for putting a solution like this, they spent $10; they would have recovered $40 to $50 in one year” Varghese said
He explained that the software would be connected to everything in the financial institution starting from mobile, internet banking, Automated Teller Machines (ATMs), banking hall among others adding that the software is constructed in a way to identify details of the customers before agreeing to a transaction.
“When the details of the customer do not correspond or when there are too many enquiries on the customers’ details or there is a suspicion on the transaction, it automatically blocks the account of the customers to ensure it is not hacked.
“This is why we are bringing this concept to Nigeria because payment is slowly becoming faceless and with the unprecedented growth of cybercrime, there is a need to leverage on this concept so that the severity of fraud is reduced,” Varghese said.
Mr. Olatunji Kehinde, business director, Financial Service Institution, CWG, noted that as digitization leads to increased expansion and aess, there are also developing threats.
He identified cybercrime as one of such threats that must be talked in order to ensure that customers can transact e-commerce and other electronic transactions confidently.
“We are all opportune to be alive at this wonderful time in history. Wonderful because we’re seeing the growth of technology more than ever before affecting all spheres of life in a very transformative way. But as that expansion and transformation is going on, there are challenges and threats. One of these threats-cyber security threat; is one of the greatest risks to the evolution of what we call the fourth industrial revolution
“So our job is to help our customers to be able to engage confidently in this new era. You want to do ecommerce, you want to do electronic transactions, you can do it confidently knowing that you have the platforms and the tools to keep your company and your customers safe and secure,” Kehinde said
Nigeria Deposit Insurance Corporation (NDIC) has urged youths to shun investment scams and embrace the habit of saving.
NDIC said that for a nation to be prosperous, its citizens must learn to build legitimate wealth through savings and then advance to investment.
Mr Adegbenga Fagbuyi, assistant director, Communication and Corporate Affairs, NDIC, made the remarks while addressing students of Lagelu Grammar School, Ibadan, during the 2026 Financial Literacy Day.
Delivering his speech on “Smart Money,” Fagbuyi highlighted the importance of having basic knowledge of the financial system, making sound financial decisions, understanding the benefits of saving in banks, setting financial goals, maintaining financial discipline, and avoiding Ponzi schemes that promise high returns.
Fagbuyi said youths are among the major targets of the government’s financial inclusion drive, adding that the Financial Literacy Day formed part of activities marking Global Money Week, adopted by the Bankers’ Committee in Nigeria as a platform for mentoring youths on savings and investment.
He said, “The government wants everybody to be participants in the financial sector. But how can you be a participant if you don’t know how to save? How can you be a participant if you cannot convert your savings into an investment? So, most importantly, youths are one of the major targets of the financial inclusion drive of the government.”
Fagbuyi described financial inclusion as bringing everybody into the financial safety net by encouraging participation in banking, insurance, pensions, and the capital market.
He stressed that the government does not want youths to become adults who lack knowledge of safe banking practices, insurance, and the capital market.
“Government does not want them to grow old, to become adults who do not know about savings, safe banking habits, insurance, and the capital market. That is why we go to schools to sensitise students to all these basic financial matters, particularly savings, so that our students can begin to learn to save, learn credible investment habits through which they can be making legitimate income.
“We also educate them about the deposit insurance system administered by NDIC. When you save in banks, the banks are supervised and regulated. And if eventually they fail, you will not lose your money. That is what NDIC does,” Fagbuyi said.
He revealed that the sensitisation programme, which started about 10 years ago and is organised by the Bankers’ Committee, comprising the Central Bank of Nigeria, the Nigeria Deposit Insurance Corporation, and all the deposit money banks in Nigeria, has been held across states nationwide.
He said, “Minimum, every year, we go to 10 states. And we normally sensitise 200 students in each school. So this year, that means we are targeting 2,000 students.”
Fagbuyi, however, said the objective of the programme is not to cover all schools across the country but to set a standard for state governments and schools to replicate.
“But I must emphasise that the objective is not to cover all schools. It is to set a standard for state governments and for schools to replicate. You agree with me that we cannot be everywhere.
“But as a partner, as a key stakeholder in the financial inclusion drive of the federal government, we go to states to showcase what the government’s intention, so that states and schools can replicate. So it is on this note that we always urge states’ Ministries of Education, Science and Technology to replicate and expand these programmes across their respective states.”
In his address, Olusegun Olayiwola, Oyo State Commissioner for Education, Science and Technology, represented by Alhaji Lukuman Kareem, permanent secretary, Education Inspectorate, Ibadan North, commended the NDIC for selecting a school in Ibadan for the financial literacy sensitisation programme.
He noted that such initiatives must go beyond the classroom to shape young minds, adding that children cannot achieve expected outcomes unless they are properly guided.
“That’s why we significantly appreciate the efforts of the Bankers’ Committee, NDIC, the Central Bank of Nigeria, and all other members for this,” he said.
The commissioner charged the students to take the lessons seriously, noting that opportunities lost may not be easily regained. He also advised the NDIC to expand the programme to include students from neighbouring schools in future editions to maximise its impact without additional transportation costs.
Additionally, Olayiwola urged teachers to cascade the training to other students, who should in turn enlighten their siblings at home.
Nigeria Revenue Service (NRS) has set a July 31 deadline for all large taxpayers to wholly adopt the national e-invoicing and electronic fiscal system (EFS)- called digital exchange of structured invoice data between a supplier and a buyer.
This is sequel to a public notice issued by NRS on February 17, 2026 on the implementation timeline and the mandatory adoption of the national e-invoicing and EFS otherwise known as the Merchant Buyer Solution (MBS).
Zacch Adedeji, chairman, NRS, personally signed the public notice informing all large taxpayers of the need to complete the onboarding, integration, testing, and commencement of invoice transmission to the NRS e-invoicing platform in accordance with the prescribed implementation framework.
According to a statement issued on Sunday by Dare Adekanmbi, special adviser on Media to the chairman, “NRS has already commenced compliance monitoring activities in order to assess the level of adherence to the e-invoicing mandate among large taxpayers.
“Consequently, any defaulting member may be subjected to appropriate regulatory and enforcement actions in accordance with the provisions of the relevant tax laws and regulations.
“Affected taxpayers are, therefore, advised to urgently conclude all outstanding onboarding and integration activities and commence invoice transmission before the compliance deadline.
“The NRS appreciates the cooperation of taxpayers and remains committed to providing the necessary support to ensure the successful implementation of the national e-invoicing regime,” the notice said.
Large taxpayers are companies with gross turnover of N5 billion and above.
As of the first quarter of this year, over 1,000 companies had complied.
Compliance with the e-invoicing and Electronic Fiscal System covers the completion of onboarding on the NRS Merchant Buyer Solution (MBS) and successful integration of taxpayer systems through approved Access Point Providers (APPs) and/or systems Integrators (SIs).
Others are completion of all required validation and testing activities; active transmission of invoices to the NRS e-invoicing platform in line with approved standards and guidelines; and ensuring the receipt of only compliant e-invoices with valid Invoice Reference Number (RIN) from suppliers.
Access Holdings Plc has completed the sale of a 7.44% stake in its Ghanaian subsidiary, a move believe is tied to a Central Bank of Nigeria (CBN) rule capping how much local banks can hold in foreign units.
This was disclosed in a filing with the Ghana Stock Exchange (GSE) recently, which was obtained by our reporter over the weekend.
The corporate disclosure signed by the Company Secretary, Helen De Cardi Nelson, Access Bank (Ghana) Plc, stated that the outcome of the transaction reflects continued investor interest in Access Bank (Ghana) Plc and confidence in the long-term prospects of the Bank.
According to the release, the sale attracted strong participation from a well-diversified pool of investors, including pension funds, institutional investors and high-net-worth individuals.
Access Bank (Ghana) Plc, listed on the Ghana Stock Exchange, disclosed that its parent, Access Bank Plc, sold 12,085,318 ordinary shares representing 7.44% of the unit’s issued shares on July 15, 2026.
The sale went through the Ghana Stock Exchange with regulatory clearance, including a no-objection from the Bank of Ghana.
Buyers included pension funds, institutional investors, and high-net-worth individuals. IC Securities (Ghana) Ltd acted as adviser and executing broker.
Commenting on the deal, Managing Director of Access Bank (Ghana), Ms. Pearl Nkrumah, said the transaction deepens local ownership and liquidity in the bank’s shares, and keeps management focused on turning its scale into value for stakeholders.
Before the sale, Access Bank Plc held 93.40% of Access Bank Ghana, with the remaining 6.60% already in the hands of other shareholders from the unit’s GSE listing.
Stake sold: 7.44%; Estimated holding after the sale: 85.96%; Public and other investors: approximately 14.04%
Access Holdings therefore retains firm majority control of its Ghanaian unit; this is a partial dilution, not an exit.
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