Nigeria’s Prembly launches Open-source Database to Fight African Fraud

Prembly, a Nigerian-based digital security, identity verification, and compliance company, has launched FraudLens, an open-source fraud intelligence bank designed to help financial institutions, fintech firms and businesses detect and prevent fraudulent activity.

The platform draws on millions of identity verification checks and serves as a publicly accessible repository of fraud data. It begins with Nigeria but is designed to support fraud prevention efforts across Africa.

As digital financial services expand across sub-Saharan Africa, nearly 60% of adults now hold financial accounts, up from less than 40% a decade ago. While that growth has boosted financial inclusion, it has also created new opportunities for fraud. The continent loses an estimated $10 billion each year to fraudulent activity.

New techniques are adding pressure. AI-driven scams, including synthetic identities and deepfake-enabled social engineering, are becoming more common. FraudLens aims to address these risks by centralising fraud intelligence and helping companies identify patterns earlier.

“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,” said Lanre Ogungbe, chief executive of Prembly. “We haven’t seen any resource this accessible and comprehensive, and rather than waiting for someone else to build it, we decided to.”

Founded in 2021 by Ogungbe and Niyi Adegboye, Prembly, formerly known as IdentityPass, provides AI-powered verification tools used by companies to confirm identities, prevent fraud and meet compliance requirements.

FraudLens is the company’s first public fraud intelligence repository. The platform aggregates fraud incidents reported by businesses and partner financial institutions that use Prembly’s technology. Each case undergoes behavioural and forensic analysis to identify patterns and emerging threats.

The tool is designed for several user groups. Financial institutions and fintech companies can access intelligence on suspected fraud actors and documented incidents. Researchers and policymakers can use the data to inform compliance frameworks. Consumers can also consult the platform to learn about common scams and warning signs.

Prembly joins other African startups such as Smile ID and Dojah that are building digital identity and fraud detection systems to strengthen trust in the region’s financial ecosystem.