CWG Ghana Limited, the local arm of CWG Plc, a leading Pan-African
technology solutions provider, and Precise Financial Systems (PFS), Nigeria's
foremost financial software solutions company, have announced a strategic
partnership to revolutionise account reconciliation processes across Africa
with their advanced solution, CLIREC.
This partnership brings together CWG's more than 30-year legacy in
technology distribution and PFS's three decades of specialised expertise in
financial reconciliation systems. The collaboration marks a significant
milestone in promoting intra-African technology solutions and keeping
intellectual resources within the continent. "This partnership exemplifies
the Pan-African spirit and demonstrates that there's a lot Africa can do within
Africa," Philip Ayeni, Deputy Managing Director of PFS.
"We are not just combining our strengths; we are creating
multiplicative value for African financial institutions."
CLIREC, this partnership's flagship product, leverages artificial
intelligence to automate complex reconciliation processes that traditionally
require extensive manual intervention. The solution addresses critical
challenges faced by financial institutions, including reconciling Nostro,
Vostro, suspense, e-business, and ATM accounts while handling millions of daily
transactions with unprecedented efficiency.
Harriet Yartey, Managing Director of CWG Ghana Limited, in remarks
made on her behalf by Oluwaseun Layade, Head of Project Management and
Corporate Development at CWG Ghana, emphasised the efficiency the solution
brings. "What typically takes four to five hours of manual processing can
now be accomplished within minutes. This efficiency isn't just about speed –
it's about accuracy, reliability, and fraud prevention,” she said.
CLIREC boasts a variety of advanced features that cater
specifically to the complex needs of modern financial institutions. One of the
most significant advantages is the full automation of reconciliation processes,
which eliminates the need for manual intervention. This automation allows
institutions to handle large transaction volumes with ease, improving both
speed and accuracy. The solution's AI-powered matching algorithms enhance
efficiency by automatically matching and reconciling transactions, ensuring
that processing is not only faster but also more accurate.
Additionally, CLIREC provides comprehensive audit trails and
archiving, which support compliance with regulatory requirements and ensure
that all transactions are properly documented and accessible for review. This
is particularly important for financial institutions that need to meet
stringent audit standards.
The solution also offers multi-currency
support, making it versatile enough to be used across different markets and
regions, which is crucial for multinational institutions operating in Africa
and beyond.
To further streamline operations, CLIREC includes advanced
investigation tools that help users quickly identify and resolve discrepancies,
significantly reducing the time and effort required to address issues that
arise during reconciliation. The system's robust Management Information System
(MIS) reporting provides financial executives with critical insights, enabling
them to make data-driven decisions based on accurate and up-to-date
information.
One of CLIREC's key security features is the enforced segregation
of duties, which enhances internal controls and minimizes the risk of errors or
fraud. This ensures that no single individual has too much control over the
reconciliation process, protecting institutions from potential operational
risks. Furthermore, CLIREC’s real-time monitoring capabilities empower
organizations to track their reconciliation processes and transactions as they
happen, offering a level of transparency and oversight that is essential in today's
fast-paced financial environment.
Of particular focus are financial services providers – banks, and
fintechs, among others – which have to grapple with significant challenges in
their reconciliation processes, including dealing with manual data entry
errors, delayed financial reporting, and the sheer volume of transactions that
need timely and accurate matching, added Oladapo Awokoya, Director of
Projects/Business Analysis at PFS.
“These pain points are particularly pronounced in institutions
reliant on Excel spreadsheets, which, while familiar, are increasingly
ill-equipped to handle the complex and high-volume demands of modern finance.
This often results in inefficient workflows, increased risk of non-compliance,
and time-consuming audits,” Mr. Awokoya said, adding that CLIREC not only
enhances the accuracy and efficiency of financial reporting but also positions
finance teams as essential contributors to business strategy and decision-making.
“This intelligent, AI-driven, process-centric application
streamlines workflows by rapidly matching transactions and intelligently routes
exceptions for prompt review and correction. CLIREC's powerful visualisation
tools enhance the ability to investigate discrepancies, ensuring transparency
and control while reducing errors by up to 98 percent and making it 100 times faster and significantly
more accurate, thus, empowering financial institutions to stay ahead of the
curve, achieving a significant return on investment within 6 to 12 months,” he
further stated.
The solution has already been implemented in over 40 countries,
serving both financial and non-financial institutions. Its scalability makes it
particularly valuable for organizations handling large transaction volumes,
while its standardized processes ensure consistent quality across operations.
"CLIREC not only automates these processes but also provides
the security, accuracy, and reliability that modern financial institutions
demand. The partnership addresses a critical need in the African financial
sector, where many institutions still rely on manual or semi-automated
reconciliation processes. By providing a fully automated, AI-powered solution,
CWG and PFS are helping organizations reduce operational risks, improve
efficiency, and make data-driven decisions based on accurate, timely information,”
Mrs. Yattey added.
Financial institutions and organizations interested in learning
more about CLIREC can visit www.cwg-plc.com or contact their
local CWG office for detailed information about implementation and support
services.
