Nigeria’s fintech revolution is transforming finance across Africa, but a silent threat is eroding trust from within: Insider-enabled fraud. This growing menace now drains over ₦23.4 billion from financial institutions each year.
According to the Nigeria Inter-Bank Settlement System (NIBSS), the sector suffered a staggering ₦52.26 billion in fraud-related losses in 2024, triple the ₦17.67 billion recorded just a year earlier. In that same period, 93 bank employees were dismissed for insider involvement, with ₦10.7 billion in losses tied directly to internal collusion.
Kclera, already operating in the UK, is bringing its proven fraud-prevention technology to Nigeria’s high-stakes financial landscape. Backed by over 30 years of combined founding team expertise,more than half spent inside Nigeria’s banking, fintech, and regulatory sectors; the founding team isn’t just entering the market; they’ve lived it, know the workflows, understand the loopholes, and are engineering solutions purpose-built to close them.
Kclera’s Nigerian SaaS offering
- Prevenix – The predictive AI workforce integrity engine that uses thousands of behavioral and workflow data points to:
- Assess staff risk profiles through behavioral biometrics and historic fraud patterns.
- Reassign high-risk employees from sensitive positions before incidents occur.
- Reduce internal fraud exposure by over 95% through proactive, AI-led interventions.
- Assess staff risk profiles through behavioral biometrics and historic fraud patterns.
- TruNetrix – A secure, real-time fraud intelligence network connecting Nigerian banks and fintechs to:
- Share verified fraudster profiles instantly across trusted partners.
- Block suspicious actors across multiple institutions.
- Support compliance with CBN’s AML/KYC frameworks through coordinated intelligence.
- Share verified fraudster profiles instantly across trusted partners.
Unlike many fraud prevention tools in Nigeria that focus primarily on user KYC verification and compliance tracking, Kclera goes further,safeguarding both the bank and its customers. Its AI-driven approach protects institutional integrity from the inside while simultaneously defending consumers from external threats, creating a dual-protection model rarely seen in the market.
Kclera’s UK traction
In the UK, Kclera’s Emotional & Educational Tool has been deployed to help vulnerable consumers detect and respond to scams in real time. A standout feature Kcelra is developing for the UK market is VoiceSync AI Scam Alert, a proprietary technology that will identify scammer voices,including synthetic,using advanced spectral voice pattern analysis. This system cross-references incoming calls against a growing global voiceprint database, instantly flagging suspicious interactions before any damage is done.
Backed by a proprietary dataset of fraud-related messages, Kclera is also developing its ScamShield AI engine, with a patent application planned for Q4 2025. Strategic outreach with Age UK and Independent Age is underway to co-develop emotional support frameworks for fraud victims.
Kclera’s B2B focus in Nigeria
With a competitive SaaS model targeting banks and fintechs, Kclera projects partnerships with at least 15 leading Nigerian banks and fintechs in the first year to establish a real-time fraud intelligence network
This projection is based on conservative market penetration, reflecting both the demand for insider-fraud prevention and the readiness of Nigerian institutions to adopt collaborative intelligence platforms.
This expansion is built on more than technology,it’s anchored in market insight, operational credibility, and a proven approach. The opportunity is significant: to protect financial institutions from million-dollar losses while reinforcing consumer trust in Nigeria’s digital economy.
