Commercial Bank of Ethiopia launches Internal Fraud Detector Technology

The Commercial Bank of Ethiopia (CBE), Ethiopia’s largest bank, has introduced a new technology that protects its customers’ data from internal fraud. The two systems the bank installed – NetGuards and TeamMata – are implemented by SOFGEN, the global technology consulting specialized in banking solution.

Adam Nyaga, Vice President of SOFGEN East Africa, said: “We are launching a very important project for CBE, which is a very groundbreaking. NetGuardians and TeamMate systems are designed on the recognition that human behavior is behind fraudulent transactions, and it uses smart behavior analytics based on policy rules and predictive analytics.”

“With big data to correlate actions from across the different bank systems, it can identify potential fraud before it happens. It tracks and audits all activities continuously, in real time and instantly alerts risk managers to any deviations,” he added.

The state-owned bank (CBE) currently has over 10 million account holders with 965 branches. The bank has assets of $15 billion with around 50% market share in the country’s banking industry, which is not yet liberalized.

According to Ephram Mekuria, Communications Manager at CBE, investment in technology that protects against risks like fraud, data theft and information leaks is critical to build trust, as well as the overall service delivery and performance of CBE.

CBE is the first bank in Ethiopia to implement SOFGEN’s anti-internal fraud solution.

“Together with our implementing partner SOFGEN, we are very proud to have this new customer in Ethiopia. Currently we have a number of customers in East, West and South Africa as well as Europe and the Middle East,” said Joel Winteregg, CEO and founder of NetGuardians.

David Wagacha, Director at TeamMate Consulting East and West Africa, further added: “It is an interesting and quite a big project and we are happy that we have achieved that project within time. We look forward to implementing the system in other banks in Ethiopia.”

SOFGEN is currently in discussions with Construction and Business Bank of Ethiopia and NIB International Bank, to introduce the same system in their banks, according to Mr. Nyaga.

This article first appeared HERE

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