CWG Ghana Limited, the Ghanaian subsidiary of the Pan-African technology leader CWG Plc, and Precise Financial Systems (PFS), Nigeria’s leading financial software company, have announced a strategic partnership aimed at transforming account reconciliation across Africa.
Their new AI-powered solution, CLIREC, is set to streamline reconciliation processes, promising enhanced efficiency and accuracy for financial institutions.
Building on CWG’s three-decade legacy in technology distribution and PFS’s expertise in financial reconciliation, this partnership promotes the development of intra-African technology solutions.
“This partnership embodies the Pan-African spirit, showing Africa’s capacity for self-sufficiency in innovation,” remarked Philip Ayeni, Deputy Managing Director of PFS.
CLIREC is designed to automate intricate reconciliation tasks traditionally requiring extensive manual effort, addressing challenges faced by financial institutions in reconciling Nostro, Vostro, suspense, e-business, and ATM accounts.
Harriet Yartey, Managing Director of CWG Ghana Limited, noted the solution’s efficiency: “What would take hours manually is now achieved in minutes, with a focus on accuracy, reliability, and fraud prevention.”
Key features of CLIREC include AI-driven transaction matching, comprehensive audit trails, multi-currency support, and advanced tools for identifying and resolving discrepancies.
It also integrates robust security controls, such as duty segregation, and real-time monitoring, ensuring transparency in financial operations.
According to Oladapo Awokoya, PFS’s Director of Projects, CLIREC alleviates the challenges of manual reconciliation by reducing errors by up to 98% and providing critical insights that allow finance teams to contribute to strategic business decisions.
The solution’s scalability makes it suitable for both large and multinational organizations, having already been implemented in over 40 countries.
“By fully automating reconciliation, CLIREC delivers the security, precision, and speed demanded by modern financial institutions, significantly lowering operational risks and enhancing efficiency,” added Mrs. Yartey.
