Facctum Launches Anti-Fincrime Tech for Nigerian Banks

The new anti-financial crime solutions harness the power of parallel processing technology to help Nigerian financial institutions modernise financial crime detection

Facctum Launches Anti-Fincrime Tech for Nigerian Banks


Facctum, an international SaaS riskTech startup specialising in anti-financial crime solutions, has launched its next-gen technology in Nigeria.

The combination of cloud and parallel processing tech offerings facilitates accurate risk screening and investigations for local financial companies and organizations. The innovation could help Nigerian banks comply with the advanced regulations as the country has been recently greylisted by the Financial Action Task Force (FATF).

That means Nigeria is now subject to increased monitoring from the regulator. Jurisdictions under increased monitoring are actively working with the FATF to address strategic deficiencies in their regimes to counter money laundering, terrorist financing, and proliferation financing. Therefore, Nigerian financial institutions require new tools to modernise financial crime detection.

Facctum’s new watchlist management solution FacctList has the potential to revolutionise the way Nigerian financial institutions manage mission-critical sanctions and anti-terrorism financing risk data. The tool enables a rapid response to high-velocity changes in regulatory obligations and provides new levels of transparency in risk assessment and decision-making.

This provides Nigerian firms with an opportunity to “demonstrate the strength of compliance controls, both to regulators and international partners,” believes François Améguidé, the Facctum Director of Business Development – Africa.

To enhance the local proposition, Facctum has previously opened its first office in Johannesburg. Besides Nigeria, the firm aims to expand to other African regions.

Nicolas Willard, the Facctum Director of Business Development – EMEA, notes rapid growth in Nigerian financial and fintech institutions, expressing delight to bring anti-financial crime solutions and modern risk management technology to the industry. He believes it “plays a critical role in ensuring that new opportunities are both safe and sustainable.”

We have previously reported that the Central Bank of Nigeria released open banking guidelines, which set strict requirements for the various participant categories (e.g. banks or third-party providers) regarding various business aspects including data ethics and privacy, AML and CFT policies, information sharing, etc.

Thus, implementation of the new tech would help local financial institutions to better address both domestic and international security standards.

Nina Bobro

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Nina is passionate about financial technologies and environmental issues, reporting on the industry news and the most exciting projects that build their offerings around the intersection of fintech and sustainability.