As Nigeria’s Bank’s are converting banking practises to
international standards, the Nigerian Financial Intelligence Unit
(NFIU), part of the country’s Economic and Financial Crimes
Commission, has began to deploy Microsoft’s state-of-the-art
software to track financial crimes among banks.
The software is already installed in the NFIU centre and has
been linked to the GSM and ATM networks of all 24 banks.
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According to Microsoft, the software can handle 10m data within
a minute, has an in-built memory of 2,000 gigabytes and can
re-charge itself.
Microsoft’s product brand manager, Steve Macthompson said that
the software will save and retain every financial transaction and
its details, including data on depositor and withdrawer at every
point of the transaction.
Macthompson added that it will not be possible to erase the
collected data without a special security code.
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By GlobalData
