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VigiPay Protects Business with ThetaRay SONAR AML Solution

VigiPay, a Nigerian fintech providing digital payment services, and ThetaRay, a provider of AI-powered transaction monitoring technology, are collaborating to protect VigiPay’s growing business against money laundering, sanctions violations, and other financial crime risks.

Through the agreement, ThetaRay will provide VigiPay the SONAR AML solution, a cloud-based transaction monitoring and screening platform that can detect the earliest signs of sophisticated money laundering activity. The new system will enable VigiPay to achieve safe growth, regulatory compliance, and consumer transaction transparency with the expansion of transaction volumes and value services for both domestic and cross-border payments.

This new collaboration highlights ThetaRay’s continued growth in the Nigerian financial market

VigiPay is a payment technology platform for cross-border remittances and online B2B payments in Nigeria and across Africa. It provides automated payment collection services, including POS terminals, for local and international payments and auto reconciliations to corporate and government organisations.

“As we expand into the global market, we are committed to enhancing AML compliance. With the launch of an AI tool for transaction monitoring and screening, we will be able to close transactions with larger corporations all over the world that value automation processes and transaction transparency,” said Oluseyi Oluwabusola, general manager of VigiPay.

“ThetaRay is an excellent partner in achieving this fit. Our efficiency is set to achieve a new all-time high with the addition of automated transaction screening and monitoring. This will allow us to better serve our consumers. We are committed to helping clients easily access multiple countries and thereby, grow their business and excel in today’s competitive environment.”

Moving to a cashless society

The Nigerian government has been driving efforts to move to a cashless society with several initiatives aimed at promoting digital payments including limits on ATM and government accounts.

“We are proud to partner with an innovative Nigerian fintech that prioritises trust and service to drive financial inclusion in Africa,” said Mark Gazit, CEO of ThetaRay. “ThetaRay AI technology is instilling a new standard of trust into the growing world of online payments, enabling fintechs rapid revenue growth by opening doors to business with new financial partners worldwide.”

ThetaRay’s award-winning SONAR solution is based on a proprietary form of AI, artificial intelligence intuition, that replaces human bias to find anomalies outside of normal behaviour. It includes new typologies.

Furthermore, it enables fintechs and banks to implement a risk-based approach to effectively identify truly suspicious activity. This includes complex, cross-border transaction paths. This allows the rapid discovery of both known and unknown money laundering threats. Compared to rules-based solutions., it had caused a 99 per cent reduction in false positives


  • Francis is a journalist and our lead LatAm correspondent, with a BA in Classical Civilization, he has a specialist interest in North and South America.

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