Published On: Wed, Nov 9th, 2016

Interswitch reports Nigeria card fraud reduction

cyber crime techABUJA, (CAJ News) – A PARTNERSHIP created almost a year ago to mitigate financial fraud in Nigeria is paying dividends with such incidences reduced by 70 percent.

Interswitch partnered with Tranwall, an international leader in transaction security and control with a highly-skilled development team, and WEMA bank to launch the Wema Card Control in December 2015.

It is a pioneering feature in the Nigerian market that allows cardholders to take control of their card security in a way that is customizable and easy to use.

The partnership was in a proactive bid to further consolidate the positive trend of declining card fraud.

Dele Adeyinka, Head-E-business at Wema Bank, said in launching Card Control, they wanted to deliver innovation that was secure, easy to use and would improve the customer experience.

The official said since the implementation, they had seen a reduction of over 70 percent in card fraud, an increase in card spend by over 50 percent and positive growth in new customers of over 27 percent.

“Interswitch and Tranwall promised to deliver and they did, and that’s not something you see often when rolling out new solutions,” said Adeyinka.

It is envisaged the development would stabilise the future of digital financial services, stimulating growth and stability within the banking industry as well as promoting a good relationship between the customers and the bank.

“We are proud to be working with Interswitch in making payments more mobile, customer-centric and improving the cardholder security and experience in Nigeria,” said Aurelien Duarte, CEO of Tranwall.

CAJ News

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