Dar es Salaam. The Bank of Tanzania (BoT) has backed Creditinfo’s launch of locally operated fraud detection, identity verification and know-your-customer (KYC) solutions, saying they could help financial institutions strengthen controls against fraud while improving access for legitimate customers.
Speaking at the launch in Dar es Salaam at the weekend, BoT official Deogratias Mnyamani said fraud detection, anti-money laundering (AML) screening and identity verification services had traditionally been provided by international vendors operating outside Tanzania.
“Today marks the departure from that pattern. This is the first time this solution is being offered by an entity right here in Tanzania, built with an understanding of our market, institutions and our people,” he said.
Mr Mnyamani said reliable customer identification, supported by national identification infrastructure, was an important defence against financial crime.
The launch comes as Tanzania’s financial sector increasingly shifts towards digital services, including digital lending, instant payments and remote account opening.
While digitalisation has expanded access and reduced transaction times, it has also increased exposure to identity theft, impersonation, synthetic identities and application fraud.
Creditinfo’s solution uses credit bureau data, alternative information and official registries to verify individuals and businesses. It also uses digital risk signals and domestic and international watchlists to assess risks during customer onboarding and throughout customer relationships.
The system includes transaction monitoring tools designed to identify suspicious activity, including behaviour associated with mule accounts and authorised push payment (APP) fraud.
Creditinfo director of fraud and identity Rob Meakin said the expansion into Tanzania would give organisations access to data and fraud intelligence to support faster risk assessments.
“Our expansion into Tanzania brings together the data, technology and fraud intelligence organisations need to strengthen those decisions, while keeping the customer experience at the centre,” he said.
Creditinfo Tanzania chief executive officer Edwin Urasa said stronger identity verification was becoming increasingly important as businesses handled more transactions and interactions digitally.
“Having a clear view of who they are dealing with and the risks associated with each interaction is essential to protecting both businesses and their customers,” he said.
The Tanzania rollout follows Creditinfo’s expansion of its fraud and identity services into Kenya and Uganda, with the technology adapted to local regulatory requirements, data sources and risk profiles.
The company said the local operation would help organisations strengthen fraud controls and make more informed decisions while meeting regulatory requirements on financial crime and customer protection.
