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, fintechs, banks, and other businesses detect and prevent fraudulent activity. 

Built on millions of identity verification checks, the platform also serves as a publicly accessible repository of fraud data, starting with Nigeria, and aims to strengthen fraud prevention infrastructure across the continent.

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 this growth has improved financial inclusion, it has also opened new avenues for fraud, which costs the continent an estimated $10 billion annually. 

AI-enabled fraud techniques, including synthetic identity scams and deepfake-driven social engineering, have further amplified losses. FraudLens aims to mitigate these risks by centralising intelligence, helping businesses detect fraud patterns earlier, and promoting safer digital financial practices.

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

Founded in 2021 by Lanre Ogungbe and Niyi Adegboye, Prembly (formerly IdentityPass) provides AI-powered tools, including IdentityPass, IdentityRadar, and Background Checks, helping businesses across Africa and globally securely verify identities, prevent fraud, and meet regulatory standards. 

FraudLens represents the company’s first publicly accessible repository of fraud intelligence, offering actionable data to financial institutions, researchers, policymakers, and consumers. 

It is part of a growing wave of efforts by African startups, including Smile ID and Dojah, building identity verification and fraud detection solutions to help financial institutions and digital businesses prevent fraud and strengthen trust in the continent’s financial ecosystem.

FraudLens aggregates fraud events reported by hundreds of businesses and partner financial institutions using Prembly’s technology. Each reported incident undergoes behavioural and forensic analysis to identify patterns that can inform broader fraud prevention efforts.

The platform provides financial institutions with verified intelligence on known bad actors and documented incidents, helping them detect risks earlier, protect customers, and strengthen accountability.

The platform serves three key stakeholder groups. Financial institutions and fintechs gain access to intelligence on bad actors reported across a network of financial organisations, including personally identifiable information, documented fraud cases, and supporting evidence. 

Researchers and policymakers can use the repository to inform compliance policies and prevention strategies. Consumers can access the platform as a library of fraud awareness insights, helping them recognise common scam patterns and warning signs, and encouraging safer digital behaviour.