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Innovative platform to reduce financial crime and combat de-risking to globally launch in May

Innovative platform to reduce financial crime and combat de-risking to globally launch in May

Elucidate, a RegTech offering an automated financial crime risk assessment platform, is launching a pilot involving ten banks from a variety of markets, including Africa, Eastern Europe, the Middle East, Asia and CIS, to reduce financial crime and combat “de-risking.”

The platform, called the Elucidate FinCrime Index, provides standardised analysis and assessment of financial crime risk, and scores banks and other financial services providers on their vulnerability to crimes such as money laundering, terrorist financing, corruption, trafficking and tax evasion. This is a critical step in enabling emerging markets to overcome barriers to international financial services, which have become pervasive in recent years.

The index enables banks to quantify their risk of financial crime by utilising data, automated algorithms and machine learning. Banks are able to use the analysis to make targeted changes to their controls or operations and to monitor their progress. Institutions can use the platform to share their profile with international financial institutions and use the assessment to factually demonstrate their financial crime risk.

The benefit of this approach is particularly compelling in emerging markets, many of which have seen a substantial decrease in or lack of access to international correspondent banking in recent years. This phenomenon, referred to by the World Bank and others as de-risking, has made financial services less accessible, has raised the cost of international remittances and has increased the complexity of international trading relationships. For markets where remittances and trade represent critical economic inputs, de-risking presents an existential risk to the market.

De-risking is primarily driven by the inability of banks to assess and understand financial crime risk.

The platform provides the only viable means of countering de-risking, by offering a clear, objective and fact-based assessment of financial crime risk. The platform also provides transparency throughout the banking community, so as to enable banks to easily understand and manage financial crime risk, as well as to initiate new relationships with international banks.

“De-risking is a scourge on emerging markets and previous efforts to combat it have failed to produce adequate results,” said Shane Riedel, CEO of Elucidate. “The EFI ensures that financial crime risk is accurately and factually assessed, whilst also enabling banks to receive credit for their efforts to manage risk effectively.”

The platform is to be launched globally in May and will be available to support banks and other financial services providers across all markets to manage their financial crime risk and ensure strong international connectivity for the sake of their customers.


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Following reverse listing, public can now acquire shareholding in Paratus Namibia


20 February 2020, Windhoek, Namibia: Paratus Namibia Holdings (PNH) was founded as Nimbus Infrastructure Limited (“Nimbus”), Namibia’s first Capital Pool Company listed on the Namibian Stock Exchange (“NSX”).

Although targeting an initial capital raising of N$300 million, Nimbus nonetheless managed to secure funding to the value of N$98 million through its CPC listing. With a mandate to invest in ICT infrastructure in sub-Sahara Africa, it concluded management agreements with financial partner Cirrus and technology partner, Paratus Telecommunications (Pty) Ltd (“Paratus Namibia”).

Paratus Namibia Managing Director, Andrew Hall

Its first investment was placed in Paratus Namibia, a fully licensed communications operator in Namibia under regulation of the Communications Regulatory Authority of Namibia (CRAN). Nimbus has since been able to increase its capital asset base to close to N$500 million over the past two years.

In order to streamline further investment and to avoid duplicating potential ICT projects in the market between Nimbus and Paratus Namibia, it was decided to consolidate the operations.

Publishing various circulars to shareholders, Nimbus took up a 100% shareholding stake in Paratus Namibia in 2019 and proceeded to apply to have its name changed to Paratus Namibia Holdings with a consolidated board structure to ensure streamlined operations between the capital holdings and the operational arm of the business.

This transaction was approved by the Competitions Commission as well as CRAN, following all the relevant regulatory approvals as well as the necessary requirements in terms of corporate governance structures.

Paratus Namibia has evolved as a fully comprehensive communications operator in Namibia and operates as the head office of the Paratus Group in Africa. Paratus has established a pan-African footprint with operations in six African countries, being: Angola, Botswana, Mozambique, Namibia, South Africa and Zambia.

The group has achieved many successes over the years of which more recently includes the building of the Trans-Kalahari Fibre (TKF) project, which connects from the West Africa Cable System (WACS) eastward through Namibia to Botswana and onward to Johannesburg. The TKF also extends northward through Zambia to connect to Dar es Salaam in Tanzania, which made Paratus the first operator to connect the west and east coast of Africa under one Autonomous System Number (ASN).

This means that Paratus is now “exporting” internet capacity to landlocked countries such as Zambia, Botswana, the DRC with more countries to be targeted, and through its extensive African network, Paratus is well-positioned to expand the network even further into emerging ICT territories.

PNH as a fully-listed entity on the NSX, is therefore now the 100% shareholder of Paratus Namibia thereby becoming a public company. PNH is ready to invest in the future of the ICT environment in Namibia. The public is therefore invited and welcome to acquire shares in Paratus Namibia Holdings by speaking to a local stockbroker registered with the NSX. The future is bright, and the opportunities are endless.