BTA2023 A Nigerian digital security startup is taking a new step to address one of Africa’s fastest-growing digital threats.
Prembly, a digital identity verification and compliance company based in Nigeria, has launched FraudLens, an open-source fraud intelligence database designed to help financial institutions and digital businesses detect and prevent fraud across Africa.
The platform aggregates fraud data collected from millions of identity verification checks performed through Prembly’s systems and makes the insights accessible to businesses, researchers, policymakers, and consumers.
Fighting a $10 Billion Fraud Problem
As digital financial services expand rapidly across sub-Saharan Africa, financial inclusion has surged. Nearly 60% of adults now hold financial accounts, up from less than 40% a decade ago.
However, the growth of digital finance has also created new vulnerabilities. Fraud is estimated to cost Africa around $10 billion annually, with criminals increasingly using advanced tactics such as synthetic identity fraud, deepfake scams, and AI-driven social engineering.
According to Lanre Ogungbe, CEO of Prembly, data sharing is critical to reducing fraud across the continent.
“Having supported digital security for leading financial institutions both regionally and globally, we’ve seen firsthand that data sharing is the critical first step toward meaningful fraud reduction,” Ogungbe said.
A Public Intelligence Bank for Fraud Prevention
FraudLens functions as a publicly accessible fraud intelligence repository, starting with Nigeria and gradually expanding across Africa.
The platform collects fraud events reported by hundreds of businesses and financial institutions using Prembly’s verification tools. Each reported incident undergoes behavioural and forensic analysis to identify patterns that can help organisations detect fraud earlier.
Financial institutions using the platform gain access to verified intelligence on known bad actors, documented fraud cases, and behavioural patterns linked to fraudulent activities.
Built by an African Identity Tech Startup
Prembly was founded in 2021 by Lanre Ogungbe and Niyi Adegboye. The company, previously known as IdentityPass, develops AI-powered identity verification and compliance solutions.
Its product suite includes:
- IdentityPass – identity verification technology
- IdentityRadar – risk monitoring and fraud detection
- Background Checks – compliance and identity screening tools
These tools help fintech companies, banks, and digital businesses verify identities and meet regulatory compliance requirements.
Supporting Africa’s Growing Fintech Ecosystem
FraudLens joins a broader ecosystem of African startups building identity verification and fraud detection solutions.
Companies such as Smile ID and Dojah are also developing technologies that help financial institutions protect users and strengthen trust in digital financial systems.
By creating an open fraud intelligence platform, Prembly hopes to improve transparency, strengthen collaboration between financial institutions, and reduce digital financial crime across Africa.
