Fingo Africa stands out as Kenya’s leading digital-only banking platform, tailored specifically for the youth of the country.
As the inaugural Neobank in Kenya to be greenlighted by the regulator alongside Ecobank, they acknowledged the pressing need for robust financial crime prevention and seamless real-time transaction monitoring. “If I could, I would go back and implement it 12 months earlier,” starts Ian Njuguna, co-founder and CTO.
“Our collaboration with Flagright was a decisive move to embed state-of-the-art AML and fraud prevention capabilities into our core systems,” Ian Njuguna reflects on the inception of their partnership.
The rapid growth of Fingo Africa brought with it a complex set of challenges, notably the intricacies of managing an expanding user base and the heightened risk of financial threats. The dynamic regulatory environment in Kenya further necessitated a flexible defense mechanism that could evolve swiftly to meet new regulations without disrupting service or security. “We needed a partner who could understand the nuances of the African market and bring international standards of fraud prevention and AML compliance to our doorstep,” Ian elaborates.
Baran Ozkan, co-founder and CEO of Flagright, viewed the partnership as a chance to showcase their adaptable and effective solutions in emerging markets. “We saw in Fingo Africa a partner with the ambition to redefine digital banking for the youth of Kenya. Our role was to ensure that this ambition was secured on a foundation of robust compliance and security,” Baran elucidates. The swift integration of Flagright’s technology, going from initial setup to full operational status in just one week, was essential in maintaining Fingo Africa’s growth momentum.
“Our team was committed to not just delivering our solutions but ensuring they integrated seamlessly with Fingo Africa’s operations. The speed of our deployment is a testament to the dedication of our support team and the adaptability of our technology,” Baran adds.
The deployment of Flagright’s technology at Fingo Africa included a sophisticated suite of solutions like the rule-scenario builder for dynamic fraud detection and an automated suspicious activity reporting (SAR) system for seamless AML adherence. “This solution specifically contributed to a 98% improvement in our fraud detection accuracy and a reduction in customer transaction friction by 80%, enhancing both security and user satisfaction,” Ian quantifies. Furthermore, the automated SAR reporting “not only ensured a 100% on-time reporting rate but also improved our regulatory compliance score by 95%,” Ian states.
The partnership between Fingo Africa and Flagright has set new benchmarks for security and compliance in the FinTech sector, illustrating the transformative power of strategic collaborations in digital banking. “As we look ahead, our partnership with Flagright remains a cornerstone of our strategy to empower the youth of Africa with safe, reliable, and innovative banking solutions,” Ian concludes.
This case study is a testament to Flagright’s capability to revolutionize AML compliance and fraud prevention, ensuring that banking operations are secure against the evolving landscape of financial crimes.
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