Visa and the Mojaloop Foundation have partnered in a amove aimed at tackling fraud and risk management in digital payments in Africa.
The partnership will take advantage of Visa’s expertise in fraud prevention and secure payment technologies with Mojaloop’s open-source platform that facilitates interoperable payments between banks, mobile money providers and other financial institutions.
The two organizations will focus on training, knowledge sharin, and ecosystem engagement. This will include joint participation in Mojaloop convenings and industry events to promote best practices.
As part of the deal, Visa’s Account-to-Account (A2A) Protect solution will be integrated into the Mojaloop platform. The technology adds a layer of risk management to protect real-time transactions. This will help build trust in open-loop payment networks.
“This collaboration marks a significant step forward in our mission to make digital payments safer and more inclusive for everyone,” said Joanne Kubba, Senior Vice President, Government Affairs CEMEA, Visa.
Paula M. Hunter, Executive Director of the Mojaloop Foundation, added: “Prospective adopters of Mojaloop have consistently cited fraud risk as a key concern. Integrating Visa’s A2A Protect gives countries more options to strengthen their fraud mitigation frameworks.”
Visa has invested over $12 billion in fraud prevention over the past five years, including AI-powered systems that block more than $40 billion in attempted fraud annually.
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