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Securing East African Banks from Chancers

Kenyan startup Transcode has developed fraud management software for banks and telecoms, and is seeking funding to scale it across the continent. Formed in 2018, Transcode released its core software – iGuard – last year. iGuard is a fraud and money laundering detection engine that leverages the power of artificial intelligence (AI) to prevent and detect complex fraud, in real-time, in banking and telecommunications companies.  “The application has extra analytics and link analysis modules for investigative teams and analysts. It’s currently in use in a telecommunications company and a financial services provider,” Adam Hassan, founder and chief executive officer (CEO) of Transcode, told Disrupt Africa. Those clients are high-end, and Hassan said there is a large addressable market for the startup’s solution. “There are many organisations that would like to implement the solution due to the nature of fraud in African countries. We are currently negotiating with more than five banks to deploy the solution for them. There is a lot of interest from fintechs as well,” he said. In a busy market, Transcode does not lack competition, which comes from the likes of WeDo, Neural Technologies and Subex.