MFS Africa implements ThetaRay’s solution to detect financial crimes

MFS Africa, the largest digital payments hub in Africa, has partnered with ThetaRay to deploy its transaction monitoring technology to protect it from financial crimes.

MFS Africa partners ThetaRay for AML solution

ThetaRay will provide MFS Africa its Software-as-a-Service (SaaS) solution, Sonar, which includes an artificial intelligence (AI) led anti-money laundering (AML) transaction monitoring and sanctions list screening.

It says the solution helps to “effectively identify truly suspicious cases” with a 95% detection rate and up to 99% reduction in false positives compared to rules-based solutions. As a restyle, the solution also improves customer satisfaction, reduces compliance costs and increases risk coverage, ThetaRay says.

“As MFS Africa continues to expand its business across Africa and focuses on enabling new use-cases, ThetaRay’s advanced platform assures the company an efficient and effective solution that can support our increasing payment volumes, while reducing exposure to risk from financial crimes,” says Patrick Gutmann, managing director of MFS Africa.

MFS Africa’s digital payments network consists of over 400 million mobile money wallets, over 200 million bank accounts and over 150,000 agents enabling cross-platform and cross-border payments for remittance companies, mobile network operators, banks, non-bank financial institutions and global merchants.

In June, MFS Africa extended its Series C round to $200 million and acquired US paytech GTP.

Israel-based ThetaRay’s recent African clients implementing the Sonar AML solution include Nigerian fintech Arca and South Africa’s Apollo Fintech. Other clients include Payoneer in the US and UAE’s Mashreq Bank.