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.
Source: King Edward Ambrose Washman/peacefmonline.com
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