Nigerian paytech VigiPay has partnered with ThetaRay to use its Sonar anti-money laundering (AML) solution for safeguarding its business against financial crime, including sanctions violations.
Facts
- VigiPay, a Nigerian paytech, has chosen ThetaRay’s Sonar AML solution to protect its business from financial crime.
- The Sonar transaction monitoring and screening platform uses AI to identify suspicious activities with a 99% reduction in false positives.
- VigiPay offers automated payment collection services for local and international payments and auto-reconciliations for corporates and government organisations.
- The company operates across Nigeria and Africa and provides services for cross-border remittances and online B2B payments.
- VigiPay’s general manager believes that the partnership will allow the company to close transactions with larger corporations worldwide and serve its consumers better.
- The move towards a cashless society in Nigeria has increased the need for secure digital payments.
- ThetaRay has signed up several new African clients, including Arca, a Nigerian fintech, and Apollo Fintech from South Africa for its Sonar AML solution.
