The new partnership will see VigiPay adopt ThetaRay’s SONAR AI solution, a cloud-based transaction monitoring and screening platform designed to detect the earliest signs of complex money laundering activity.

For ThetaRay, this marks another step towards expanding its presence in the Nigerian financial market.

Oluseyi Oluwabusola, general manager of VigiPay, commented: “As we expand into the global market, we are committed to enhancing AML compliance. With the launch of an AI tool for transaction monitoring and screening, we will be able to close transactions with larger corporations all over the world that value automation processes and transaction transparency

“ThetaRay is an excellent partner in achieving this fit. Our efficiency is set to achieve a new all-time high with the addition of automated transaction screening and monitoring, allowing us to better serve our consumers. We are committed to helping clients easily access multiple countries and thereby, grow their business and excel in today’s competitive environment”, Oluwabusola added.

ThetaRay is an Israeli-based company offering big data analytics solutions that help others monitor, identify and mitigate cyber-attacks.

In March, the company partnered with Zone, Africa’s first regulated layer-1 blockchain network for payments. The agreement enables Zone to comply with regulatory AML requirements and boost its growth in Nigeria.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Money laundering and the making of Nigeria’s cashless society

The Nigerian government has been driving efforts to move to a cashless society, encouraging several initiatives that promote digital payments, including ATM withdrawal limits. According to Atlantic Council, it is the only African country that has so far launched a central bank digital currency, called eNaira.

However, 40% of the Nigerian population remains unbanked, according to a GlobalData analyst briefing.

Nigeria’s CBDC launch, which took place last year in August, is meant to become a financial inclusivity tool, with the Nigerian government aiming to increase the number of eNaira users to eight million. However, the move towards digital payments needs to come with safeguards in place to combat illicit transactions.

Mark Gazit, CEO of ThetaRay, also welcomed the collaboration with VigiPay.

“We are proud to partner with an innovative Nigerian fintech that prioritizes trust and service to drive financial inclusion in Africa”, Ganzit said. “ThetaRay AI technology is instilling a new standard of trust into the growing world of online payments, enabling fintechs rapid revenue growth by opening doors to business with new financial partners worldwide.”