Africa’s financial tech company Cellulant has partnered with Entersekt, a firm specializing in device identity and omnichannel authentication.
The partnership will see Cellulant ramp up its cybersecurity efforts to curb digital banking and payment fraud.
Banking fraud continues to be a big concern among the digital industry, with recent studies showing that 47% of users in Africa, the Middle East, and Turkey encountered banking fraud at least once in the first half of 2020.
Worse, the security of banking apps has also become a big challenge.
This year, a study conducted by analyzing 693 banking apps across 83 countries, including 49 apps from Africa, discovered over 2,100 weaknesses. Researchers emphasized, “Banking apps belong to the most security-critical and data-sensitive app category.”
Cellulant’s partnership with Entersekt is to help the company bolster the security of its payment platform.
By integrating its mobile software development kit with Cellulant’s product stack, Entersekt will proactively secure Cellulant’s digital channels.
The two said that two large Kenyan banks are already working on deployment.
“We are delighted to be partnering with Cellulant. The company works with some of the finest brands on the continent. This collaboration will mean their partner banks’ end-customers can enjoy increased safety and security while transacting. We are very happy to support Cellulant’s cybersecurity efforts to drive consumer confidence in digital banking and boost the adoption of digital payments on the continent,” said Schalk Nolte, CEO of Entersekt.
Cellulant CTO George Murage said, “Our clients trust us to not only be constantly innovating around digital banking and payments but also to guarantee safety and security. Being able to provide the powerful security and authentication services of Entersekt will significantly add to our platform offering.”
“Through this partnership, we can deliver some of the most sophisticated services available anywhere in the world. We look forward to continuing our work with Entersekt as we help our clients take advantage of the many efficiencies afforded by digital banking,” he added.