Visa and the Mojaloop Foundation have announced a strategic collaboration to enhance fraud prevention in digital payments, signaling a major push to secure Africa’s burgeoning instant payment ecosystems.
The partnership aims to build trust and advance financial inclusion by integrating Visa’s sophisticated security technologies with Mojaloop’s open-source platform, which is designed to connect diverse financial providers.
As part of the agreement, Visa’s Account-to-Account (A2A) Protect solution will be offered as an integrated service on the Mojaloop platform. This AI-powered solution provides real-time transaction risk scoring, specifically designed to combat fraud in instant payments, such as Authorized Push Payment (APP) scams, where recovering funds is notoriously difficult.
The collaboration will also focus on product training, market development, and ecosystem engagement. Visa plans to participate in Mojaloop convenings to engage directly with the central banks and national hub operators utilizing the platform.
“This collaboration marks a significant step forward in our mission to make digital payments safer and more inclusive,” said Joanne Kubba, Senior Vice President of Government Affairs for CEMEA at Visa. “By combining Visa’s advanced fraud prevention technology with Mojaloop’s open-source platform, we are helping build trust and resilience in instant payment systems globally.”
The move addresses a key concern for adopters of instant payment systems.
“Prospective adopters of the Mojaloop platform have consistently cited fraud risk as a key concern,” said Paula M. Hunter, Executive Director of the Mojaloop Foundation. “We are excited to add Visa to our list of service providers… giving countries a range of options to strengthen fraud mitigation.”
Hunter noted that the foundation is working on integrations with multiple fraud prevention solutions to ensure adopters can choose the best fit for their needs. This new partnership follows the launch of Mojaloop’s Global Partner Program earlier this year, which also included fraud solution provider FNA.
Visa’s commitment to security is substantial, with the company noting a $12 billion investment in fraud prevention over the last five years. These efforts, driven by AI, have reportedly blocked $40 billion in attempted fraudulent transactions annually.
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