LAGOS, Nigeria â April 5, 2006 â NetEconomy, the leading provider of real-time enterprise risk monitoring solutions for the finance industry, today announced a partnership with the ExpertEdge division of Computer Warehouse Group (CWG), Nigeriaâs leading software and systems integrator/implementer, to provide financial crime technology solutions to the Nigerian banking industry.
âNigeriaâs Economic and Financial Crimes Commission has intensified its commitment to fighting financial crime, and we look forward to working together with CWG to join in their latest effort,â said Henry Barenholz, Vice President of Sales and Marketing at NetEconomy. âThe combination of our software solutions with CWGâs expertise will deliver a new line of defense against corruption and money laundering within the Nigerian financial industry.â
Nigeria has instituted aggressive financial reforms in response to its inclusion on the Financial Action Task Forceâs âNon-Cooperative Counties and Territoriesâ (NCCT) list. The formation of the Nigeria Financial Intelligence Unit (NFIU) was an initial condition for the countryâs removal from the NCCT list. Nigeriaâs commitment to a clearly defined anti-money laundering program, backed up by comprehensive transaction monitoring and financial crime prevention technology, is the next step in the progression towards compliance.
âFaced with the persistent threat of money laundering, advance fee fraud, and other forms of financial crime, Nigerian banks need a technology solution that is comprehensive, flexible, and quick to implement,â said James Agada, Executive Director at CWG. âOur history of introducing and implementing new technology in Nigeriaâs financial services industry, and NetEconomyâs track record of success with global customers suggested a natural partnership.â