Information security paramount – AZA Finance

Sukhi Srivatson, Head of Account Management at AZA Finance (left), with Nana Yaw Owusu Banahene, Country Manager at AZA Finance, (right) at the 2nd Fintech Fuel event

… as it becomes Africa’s first Fintech with ISO 27001:2022 certification

AZA Finance, a global payment and settlement provider, has underscored its commitment to safeguarding customer information with the recent addition of ISO 27001:2022 certification to its impressive array of global standards, says Country Manager Nana Yaw Owusu-Banahene.

According to him, with the rapidly evolving landscape of digital payments and settlements, it is vital for service providers to not only declare their commitment, but to demonstrate it as customer trust is of paramount.

Speaking at the 2nd edition of AZA Finance’s FinTech Fuel Networking session, he stated: “Information security is a cornerstone of our operations, reflected in our extensive list of global leading certifications, with the most recent being ISO 27001:2022. We are proud to be the first FinTech company in Africa to achieve this milestone, in addition to our existing PCI DSS certification and others”.

ISO 27001:2022, the current version of the globally recognised Information Security Management System (ISMS) standard, attests to AZA Finance’s commitment to upholding the highest security standards for customer and organisational data. This certification signifies that AZA Finance has implemented measures to shield its data and assets from cyber threats, a distinction held by only a select few organisations complying with this latest version of the standard.

The ISO 27001:2022 standard encompasses various changes, including the restructuring and refinement of existing requirements, as well as the introduction of new clauses and security controls, further demonstrating AZA Finance’s commitment to enhancing information security and implementing best practices and controls.

The certification comes with several benefits, including enhanced information security, improved risk management, data protection compliance, heightened employee awareness, and a reinforced responsibility to business continuity. The latter certification – Payment Card Industry Data Security Standard (PCI DSS) – is an information security standard aimed at reducing payment card fraud by bolstering security controls around cardholder data.

FinTech Fuel 2

The networking session, which brought together influential figures from trade, industry, capital markets, and FinTech, revolved around addressing challenges in cross-border payments across Africa and globally while offering solutions.

Attendees expressed concerns over high costs and extended settlement times due to the involvement of numerous corresponding banks in the payment process. However, AZA Finance’s infrastructure, adopted by banks and FinTech firms across the continent, has substantially alleviated these barriers, as evidenced by its presence in over 115 markets and its execution of more than US$9billion in settlements by mid-2023.

“We already possess the necessary infrastructure. With over a decade of experience on the continent, we have overcome operational challenges,” Mr. Owusu-Banahene asserted.

Additionally, he highlighted the company’s liquidity in local currencies across different markets, enabling it to execute settlements more affordably and swiftly. Mr. Owusu-Banahene further outlines his outfit’s moves toward strengthening collaborations with banks in various markets and ongoing cooperation with regulatory bodies to facilitate seamless cross-border payments in Africa.

Leave a Reply