Nigeria’s fintech community and the global war against fraud

The advent of financial technology and global adoption has been the answer to the long-waited solution to connecting world commerce with cross-border transactions, cutting off the barriers of trade and currency conversion.

The innovation has helped businesses and even countries participate in global trade in real-time and repatriate remittances that took months just a few years ago, but like every innovation, no matter the good intent, it always falls prey to the tactics of those who have dedicated their lives to finding loopholes in the system and dubiously benefitting from it.

For fintech, and the same for the entire banking sector, the major obstacle to its development is its susceptibility to fraud.