Pan-African fintech giant already working on deployments with institutional customers
A leader in device identity and omnichannel authentication, has announced a partnership with Cellulant, Africa’s leading financial technology company. The partnership will further enhance Cellulant’s cybersecurity by proactively securing its digital banking channels and guarding against digital banking and payment frauds.
Banking fraud remains a real threat in Africa, as it is elsewhere. According to a recent Kaspersky survey, 47% of users in the META region (Middle East, Turkey and Africa) faced banking fraud at least once in the first half of 2020. Banking app security in particular is a real challenge.
In February 2020, a group of researchers published a comprehensive study of 693 banking apps across 83 countries, including 49 apps from banks in Africa. “Banking apps belong to the most security-critical and data-sensitive app category,” the researchers emphasised. They found over 2,100 weaknesses in the apps tested. About a third of the apps (222) relied on invalid authentication implementations, while more than half (324 apps) displayed weaknesses in data transmission.
Entersekt is working with the Cellulant team to integrate its mobile software development kit with Cellulant’s product stack, making Entersekt’s authentication and app security solutions available to Cellulant’s clients. Two large Kenyan banking groups are already working on their 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.
“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,” said Cellulant CTO George Murage.
Entersekt is a leading provider of strong device identity and customer authentication software. Financial institutions and other large enterprises in countries across the globe rely on its multi-patented technology to communicate with their clients securely, protect them from fraud, and serve them convenient new experiences irrespective of the channel or device in use. They have repeatedly credited the Entersekt Secure Platform with helping to drive adoption, deepen engagement, and open opportunities for growth, all while meeting their compliance obligations with confidence.
Cellulant uses technology to connect people and their resources, making it easier to do business across Africa. Cellulant is committed to creating prosperity and opportunity for Africa by making commerce more reliable and more streamline. Founded in 2004, Cellulant provides a single digital payments platform that runs an ecosystem of consumers, retailers, merchants, banks, mobile network operators, Governments and International Development Partners. Today, Cellulant’s payments platform hosts 120 of the largest banks in Africa, 40 mobile money operators, 600 local and international merchants; and is connected to 220M consumers across 34 countries. Cellulant has an office presence in 18 African countries.