AI takes centre stage as Pastel Africa convene industry leaders to fight financial fraud

In response to the growing challenge of financial fraud, Pastel Africa, a leading provider of Artificial Intelligence (AI)-powered solutions for the financial sector hosted a roundtable for industry leaders to explore transformative power in safeguarding financial security through the use of AI.

The event, which was in partnership with Fintech Nigeria, brought together industry experts, fintech innovators, financial institutions, and financial crime regulatory bodies to discuss the latest trends, challenges, and opportunities in fraud prevention.

Speaking, Senior Executive at Pastel Africa, Anthony Amodu, said the focus is to bring to the fore the use of AI in fraud detection and generally in the financial sector.

“The idea is to bring about collaboration among the parties in the financial sector to have a better understanding of fraud, the causes of fraud, the characteristics of it and technology available today that can help determine processes and even track fraudulent attempts as they happen.”

Project and Relationship Manager at the FinTech Association of Nigeria (FintechNGR), Seun Folorunso, described the collaboration with Pastel Africa, as ‘lifesaving’.

He said issues around fraud are very central to all financial system players and conversations about how fraud can be curtailed and fostering collaborations are key to the future of financial services not only in Nigeria but on the continent.

Also speaking, Chief Operating Officer (COO), Emerging Technologies and Innovation Sector at the Nigerian Financial Intelligence Unit (NFIU) Dr. Muhammed Jiya, who commended Pastel Africa for the innovative idea, spoke on the crucial role of technology in anti-money laundering and combating the financing of terrorism.

Jiya emphasied the need for continuous improvement, and public-private partnerships (PPP), between the Nigerian Financial Intelligence Unit (NFIU) and public sector operators through strategic collaborations and information sharing.

The event also featured presentations on real-world applications of AI technology in identifying and mitigating fraudulent activities.