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
Central Bank of Nigeria (CBN) has extended the enforcement date for the mandatory geo-fencing of Point-of-Sale (PoS) terminals to August 1, 2026, in a move aimed at giving financial institutions and payment service providers additional time to comply with the regulatory framework.
The directive was contained in a circular dated May 29, 2026, signed by Dr. Rakiya Yusuf, director of the Payments System Supervision Department, and obtained from the apex bank’s website on Friday.
The circular was addressed to Deposit Money Banks, Microfinance Banks, Mobile Money Operators, Switching and Processing Companies, Payment Terminal Service Providers, Payment Solution Service Providers, Super Agents and other licensed operators in the financial ecosystem.
According to the CBN, the extension followed stakeholder engagements and operational considerations arising from earlier directives issued in August 2025 on ISO 20022 migration and mandatory geo-tagging of payment terminals.
The apex bank also announced adjustments to the framework, increasing the permissible geo-fence radius for PoS terminals from 10 metres to 70 metres, in addition to shifting the enforcement deadline.
“Geo-fence radius is hereby increased from 10 metres to 70 metres,” the circular stated, adding that enforcement of the requirement has been moved to August 1, 2026.
Geo-fencing is designed to restrict PoS operations to approved merchant locations, strengthening transaction monitoring and reducing fraud within the electronic payment system.
The CBN directed all affected institutions to submit evidence of compliance on or before July 31, 2026, through the Payments System Supervision Department.
“Evidence of compliance to the above should be addressed… not later than July 31, 2026,” the circular added.
Financial institutions were also instructed to resolve all outstanding technical and operational issues with the National Central Switch to ensure seamless implementation.
The extension is expected to provide operators additional time to upgrade systems and align with regulatory requirements ahead of full enforcement.
Nigerian capital market will officially transition to a one-day (T+1) settlement cycle on Monday, June 1, 2026, cutting the time required to finalise securities and commodities transactions in half.
The mandate, formally announced by the Securities and Exchange Commission (SEC) requires all eligible trades to settle exactly one business day after the trade date, replacing the previous two-day (T+2) standard.
The SEC noted that the journey from T+3 to T+2, and now to T+1, took less than seven months, highlighting an aggressive push toward market modernisation.
To ensure a seamless launch, the SEC has outlined a unique convergence window for the transition.
Friday, served as the final trading day under the old T+2 system, consequently, trades executed on both May 29 and Monday, June 1, will visually converge and settle on the exact same day: Tuesday, June 2, 2026.
From June 1 onward, all transactions will strictly operate under the 24-hour T+1 timeline.
The migration is being coordinated on the technical front by the Central Securities Clearing System Plc (CSCS), the market’s central depository, alongside major securities exchanges, trade associations, and brokerage firms.
According to financial regulators, the compressed timeline will immediately benefit retail investors by providing quicker access to cash proceeds from share sales.
For institutional players and custodians, the shift requires an immediate reconfiguration of back-office systems and reconciliation workflows to meet the faster execution demands.
Mr. Shehu Yahaya Shantali, managing director and chief executive officer of CSCS, stated that the infrastructure overhaul positions Nigeria alongside top-tier international frameworks.
“The transition to T+1 represents another important milestone in the evolution of Nigeria’s capital market infrastructure.
“It reflects the market’s readiness to embrace reforms that enhance efficiency, strengthen investor confidence, improve liquidity, and align Nigeria more closely with leading global markets,” Shantali said.
Shantali credited the market-wide readiness to months of intensive system upgrades and joint planning spearheaded by the SEC and the T+1 Implementation Plan Committee.
By compressing the settlement cycle, the SEC aims to reduce counterparty exposure, lower systemic settlement risks, and boost overall market liquidity.
The regulator emphasised that this reform bridges the infrastructure gap with developed economies, following the United States, Canada, and Mexico, which migrated to T+1 in May 2024, as well as India’s recent strides toward instantaneous settlement.
The SEC stated it will continue to monitor operational workflows and engage market participants through its automated division ([email protected]) to ensure an orderly transition.
To formalise the launch, CSCS and the Nigerian Exchange Group (NGX) will host a joint Special Closing Gong ceremony on June 1 at the NGX House in Lagos, drawing together institutional heavyweights and regulatory bodies to mark the start of the live environment.
Leading financial institution, Fidelity Bank Plc’s international subsidiary, FidBank UK Limited, has announced a commitment to support Nigerians – both individuals and corporations – in acquiring properties in the United Kingdom.
L – R: The Governor of Lagos State, Mr. Babajide Sanwo-Olu, represented by the Honourable Commissioner for Finance, Mr. Abayomi Oluyomi; Managing Director/Chief Executive Officer, FidBank UK Ltd, Mr. Johnson Ememandu; Chairman, Fidelity Bank Plc, Mrs. Amaka Onwughalu; British Deputy High Commissioner in Lagos, Mr. Jonny Baxter; and Chairman, FidBank UK Ltd and Chief Executive Officer, Fidelity Bank Plc, Dr. Nneka Onyeali-Ikpe; at the FidBank UK Ltd exclusive product showcase held at the British Deputy High Commissioner’s residence in Lagos recently.
Fidbank UK which provides a comprehensive suite of financial services, including trade finance, personal and business banking, treasury services, commercial lending, and private banking, is set to deliver tailored financial solutions for high-net-worth individuals (HNIs) seeking to invest in the UK real estate market through its FidBank Buy-to-Let product.
This announcement was made at an exclusive product showcase hosted by the British Deputy High Commissioner, Mr. Jonny Baxter at his Residence in Lagos on Tuesday, 26 May 2026. The event was attended by a select audience comprising captains of industry and corporate leaders.
Highlighting the significance of the event, the Managing Director/Chief Executive Officer of FidBank UK Ltd, Mr. Johnson Enemadu, said: “This event is about showcasing to the market and our customers that there is something exciting in the market and we are able to take them along in this journey, supporting their businesses by bringing capital both in the financial institutions and corporate space and also for our high networth inidividuals. It is a total experience.
“Today’s event is also taking place against the backdrop of strengthened bilateral relations between Nigeria and the United Kingdom, highlighted by the recent state visit of the President of the Federal Republic of Nigeria to the UK. This renewed engagement between both countries continues to unlock new pathways for trade, investment, and financial collaboration; and FidBank UK is pleased to play a leading role in driving this.”
In his welcome remarks, the British Deputy High Commissioner in Lagos, Mr. Jonny Baxter said: “The United Kingdom remains firmly committed to deepening its economic partnership with Nigeria, with a clear focus on driving inclusive, sustainable investment, trade and economic growth. London’s position as a leading global financial centre is central to this, supported by robust financial infrastructure that enables efficient trade flows and seamless cross-border transactions between our markets.
It is therefore encouraging to see institutions such as FidBank UK advancing financial service offerings that not only expand investment opportunities in the UK, but also strengthen the financial systems supporting growing commercial ties. We welcome and support efforts that continue to enhance liquidity, facilitate trade, and drive sustainable UK-Nigeria economic connections.”
The well-attended event also featured art exhibitions by two of Nigeria’s leading visual art talents -Femi Morakinyo and Oswald Chukwunyeremugo – who displayed their latest works to the admiration of the guests.
Also speaking at the event, the Governor of Lagos State, Mr. Babajide Sanwo-Olu, represented by the Honourable Commissioner for Finance, Mr. Abayomi Oluyomi, lauded the initiative as it aligned with the administration’s T.H.E.M.E.S. Agenda, saying:
“FidBank UK offers a private banking relationship grounded in regulatory rigour and institutional trust. This is not a catalogue of products, it is a comprehensive financial architecture built for people who live, work and invest across the Nigerian-UK corridor”.
Operating from the heart of the City of London since 1983, FidBank UK provides a comprehensive range of banking services to customers doing business from and into Nigeria and other West African countries, including trade finance, personal banking, business banking, treasury services, commercial lending and private banking.
The bank is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority and subscribe to the Financial Services Compensation Scheme.
CBN Extends PoS Geo-Fencing Enforcement Deadline to August 2026
Nigerian Capital Market to Transition to T+1 Settlement Cycle on Monday
Report Shows Start-ups Fuel Innovations in Africa
NCC Expands IPv6 Board with the Appointment of Olusola Teniola, Funke Opeke Others
FidBank UK Broadens Investment Pathways for Nigerians into the UK Market
MTN, VDT, Zoracom, Digital Realty Back 2026 Girls in ICT Campaign
Vitel Wireless Partners Fintechs to Expand Access to Services
Opay Plans IPO in US, Targets $4Bn in Valuation
CPN Begins Crackdown on Quack IT Professionals, Vows Tougher Action against Cybercrime
Nigeria Hit by 24.1m Data Breaches – Surfshark
E-Business2 days agoAnthropic Raises $65 Bn to Expand AI Research, Innovation
Telecom2 days agoTelcos Mull Calculator to Address Data Depletion Complaints
General News2 days agoNCDC Says Lagos, FCT, Others on High Ebola Alert
Telecom2 days agoNCC Expands IPv6 Board with the Appointment of Olusola Teniola, Funke Opeke Others
E-Financial2 days agoNigerian Capital Market to Transition to T+1 Settlement Cycle on Monday
E-Business2 days agoReport Shows Start-ups Fuel Innovations in Africa
E-Business2 days agoNDPC Raises Alarm: Fake News, Data Abuse Could Destroy Nigeria’s 2027 Elections
Telecom2 days agoQNET, Manchester City Host Football Clinic for Young Talents in Ghana