FirstBank of Nigeria, the country's largest bank, is implementing anti-money laundering and fraud detection technology from i-flex subsidiary Mantas.
FirstBank is rolling out Mantas's AML platform, One, which has been specifically designed for regional, small and mid sized financial institutions.
The bank says the move is partly in response to Nigeria's Economic and Financial Crime Commission (EFCC) regulatory body encouraging financial institutions to adopt automated surveillance to combat financial crime.
Mantas says the technology was selected for its ability to scale according to both business and regulatory changes. The vendor's local presence in the region was also a factor.
Commenting on the implementation, S Ramakrishnan, CEO, Mantas, says: "Financial institutions of all sizes around the world are looking for enterprise-wide solutions that address current and evolving regulations."
Mantas was bought by Indian financial software vendor i-flex for $122.6 million in 2006.