Connecting Africa is part of the Informa Tech Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 3099067.

Emerging Tech

Ghana's Zeepay to use ThetaRay's AI to monitor transfers

Article Image
Ghanaian mobile financial services company Zeepay has partnered with Israeli ThetaRay to use its AI-powered transaction monitoring technology SONAR SaaS to monitor remittance transactions into Africa.

ThetaRay's SONAR SaaS will help in detecting financial crime for Zeepay's remittance transactions and the partnership will also assist the Israeli company's expansion plans into the African market.

In a statement, ThetaRay said even though remittances are an important method of bringing money into low-income countries and unbanked communities, they can also be used as a conduit for financial crimes for illicit funds.

The majority of Zeepay's business is made up of remittances therefore, the company needed to replace its previous rules-based monitoring solution with an AI-based solution. A solution that could detect the first signs of the most sophisticated financial crime schemes, the statement continued.

How it works

SONAR SaaS is a form of AI that makes better decisions with no bias or thresholds. Enabling companies to implement a risk-based approach that identifies suspicious activity.

It creates a full picture of customer identities, including across complex, cross-border transaction paths. This enables the rapid discovery of both known and unknown money laundering threats, with up to 99% reduction in false positives compared to rules-based solutions, the statement added.

"AI technology with the ability to prevent financial crimes is essential to fintech companies like Zeepay and is a growing necessity," said Zeepay MD Andrew Takyi-Appiah.


Want to know more about mobile financial services in Africa? Check out our dedicated Fintech content channel here on Connecting Africa.


Zeepay's head of compliance added that ThetaRay's AI feature will help improve actionable alerts by reducing false alerts related to remittance transactions.

ThetaRay CEO Mark Gazit said Zeepay should not have to worry about its technology being exploited while enabling foreign workers to send money home to their families.

"We are proud to provide an AI solution that can stop criminals in their tracks so Zeepay can continue to promote financial inclusion and grow its business," he concluded.

Related posts:

*Top image source: African map photo created by Allexxandar - www.freepik.com.

— Matshepo Sehloho, Associate Editor, Connecting Africa

Innovation hub

Story

SA minister says AI institute should execute ideas

South Africa's Communications and Digital Technologies minister, Khumbudzo Ntshavheni, has officially launched the country's Artificial Intelligence Institute.

Story

Connecting Africa Podcast: S2 Ep. 2 – Remittance revolution

The Connecting Africa Podcast team spoke to SendSprint founder and CEO Damisi Busari about the remittance market and how to improve the experience that Africans in the diaspora have with sending money home.

More Innovation hub

Partner perspectives

All Partner Perspectives

Africa Tech Perspectives

Story

Women in Tech: Spotlight on inclusivity with Digital Council Africa's Juanita Clark

Digital Council Africa founder and CEO, Juanita Clark, talks to Connecting Africa as part of our Women's Month series about her career and what needs to be done to make the tech industry intentionally inclusive.

Story

Women in Tech: Spotlight on legal tech with Life.file's Sinal Govender

Life.file co-founder, Sinal Govender, talks to Connecting Africa as part of our Women's Month series about her career and how we can encourage more young girls to enter the legal tech field.

Story

Digital inclusion as a catalyst for economic empowerment: Mastercard's Imelda Ngunzu

Mastercard's Imelda Ngunzu talks to Connecting Africa about how digital payment solutions and mobile money are transforming the lives of small business owners, women and marginalized groups in East Africa.

More AfricaCom perspectives

Latest video

More videos

Guest Perspectives

Story

Omdia View: July 2022

By Omdia Analysts

Kenya and Zambia move towards 5G with new spectrum allocations while Tunisie Telecom plans to shut down its 3G network - that and more in this month's Omdia View.

Story

Omdia View: June 2022

By Omdia Analysts

5G was the major news trend across Africa in June, as Orange became the first operator to launch 5G in Réunion and operators in Senegal accelerated their 5G plans despite spectrum delays.

More Guest Perspectives

Sponsored video

More videos

Flash poll

All polls

Like us on Facebook

Newsletter Sign Up


Sign Up