According to some reports, some large fintechs in Nigeria are working on a joint strategy to tackle fraudulent transactions within their networks. The group is working on a “blacklist” of suspected criminals.
According to Semafor, the list has been dubbed as “Project Radar” and would enable companies to pool details, including banking and government identity data, of individuals and groups that have attempted or made fraudulent transactions.
Some of the fintechs working on this list include Flutterwave, digital banks Kuda and Branch, and savings app Cowrywise.
The list is being created due to the growing case of successful fraud cases and actors taking advantage of weaknesses in the financial system.
The group is said to be working with the Nigeria Inter-Bank Settlement System (NIBSS), which operates a central switch for instant payments and is co-owned by Nigeria’s central bank and commercial banks, on how best to integrate with its existing fraud reporting system.
