Kenya's Safaricom deploys new fraud management system for its mobile payment service
Nairobi, Kenya and Petersfield, UK. August 21, 2012 — Kenya’s integrated communications service provider (CSP) Safaricom is partnering with a UK-based firm, Neural Technologies to implement a fraud control solution that will further safeguard its mobile network and M-PESA platform.
Safaricom Ltd will now deploy Neural Technologies’ MinotaurTM Fraud Management Solution on all its business lines, including M-PESA. When it was launched in 2007, M-PESA was the world’s first commercial mobile money transfer system.
Safaricom CEO Bob Collymore says, “We constantly review the functionality of our fraud systems so that we can protect our customers transactions and so be worthy of the trust they have vested on us.”
Neural Technologies’ commercial director, Luke Taylor, adds: “We are delighted to have been selected by such a major and forward thinking operator. We believe that Safaricom’s innovative approach to mobile telecommunications makes them the ideal candidate for a flexible solution such as MinotaurTM.”
Safaricom provides a comprehensive range of services under one roof. These include mobile and fixed voice and data services on a variety of platforms. With annual revenues in excess of Kshs 100 billion (EUR 956 million), it is Kenya’s widest 3G network with a growing fibre optic cable footprint and the country’s most expansive WIMAX presence.
Global mobile money transfer was pioneered commercially by Safaricom through M-PESA. It was launched in March 2007 as a money transfer service, and now has over 18 million customers and more than 39,000 agent outlets across the country.
Neural Technologies has established itself as a leading provider of risk management and business intelligence software systems. Formed in 1990, the company has built on a foundation in neural analytics and predictive modelling to provide products that increase bottom-line returns for its customers.
The company’s Minotaur suite provides advanced understanding of customer behaviour, motivations, preferences and purchasing propensities, enabling CSPs to optimise revenue in the areas of fraud management, credit risk assessment, customer attrition/churn reduction, targeted marketing, collections optimisation, revenue assurance and anti-money laundering.