In a bid to consolidate the positive trend and promote lasting solutions to mitigate financial fraud in Nigeria, Interswitch has partnered with Tranwall, an international leader in transaction security and control, and WEMA bank to launch Wema Card Control in December 2015
Wema Card Control is a pioneering feature in the Nigerian market that allows cardholders to take control of their card security in a way that is customisable and easy to use.
The Divisional CEO of Interswitch Industry Vertical Markets, Mrs. Chinyere Don-Okhuofu said, “At Interswitch, we fully understand the need for better security measures especially regarding card fraud. Tranwall’s technology is a perfect fit for our market, providing complete card base coverage, and support for both legacy feature phones and smartphones.”
“We need partners with the right technology and resources as well as partners who are as committed to the cause of fraud eradication as we are,” she added.
Also commenting on the new developments, the Head of E-Business, Wema Bank, Dele Adeyinka said, “In launching Card Control, we wanted to deliver innovation that was secure, easy to use and would improve the customer experience. Since the implementation, we’ve seen a reduction of over 70% in card fraud, an increase in card spend by over 50% and positive growth in new customers of over 27%.”
“Interswitch and Tranwall promised to deliver and they did, and that’s not something you see often when rolling out new solutions.”
Card Control by Interswitch ushers in a new era for payment security in Nigeria, as it was the first time such safety measures were deployed in the country, thus empowering customers with the ability to secure their cards.
For instance, Cardholders on Wema Bank use the WemaMobile Banking Suite, SMS or Internet Banking to switch their cards ON or OFFm or to secure and control specific transaction types, such as Travel, Web purchases, In-Store purchases or ATM withdrawals.
The CEO of Tranwall, Aurelien Duarte said “Tranwall Transaction Control provides a richer and more customer-centric solution to banking customers, allowing cardholders to be part of fraud prevention by enabling them to secure their cards via their mobile phones.”
“We are proud to be working with Interswitch in making payments more mobile, customer-centric and improving the cardholder security and experience in Nigeria,” she added.
This development will gradually stabilise the future of digital financial services by giving zero or no room for fraudulent activities, thereby stimulating growth and stability within the banking industry as well as promoting a good relationship between the customers and the bank.
