CWG Ghana and PFS launch AI-Driven CLIREC to revolutionize financial reconciliation across Africa

CWG Ghana Limited, a subsidiary of Pan-African tech provider CWG Plc, has joined forces with Nigeria’s Precise Financial Systems (PFS) to introduce CLIREC, an AI-powered reconciliation solution set to transform the financial sector across Africa. 

The partnership between CWG and PFS aims to enhance efficiency, security, and accuracy in financial reconciliation processes, with a special focus on reducing the reliance on manual systems, which remain common across the continent.

“This partnership exemplifies the Pan-African spirit and demonstrates that there's a lot Africa can do within Africa,” said Philip Ayeni, Deputy Managing Director of PFS. “We are not just combining our strengths; we are creating multiplicative value for African financial institutions.”

CLIREC is designed to address the unique challenges faced by financial institutions such as banks and fintech firms in reconciling high volumes of transactions across Nostro, Vostro, suspense, e-business, and ATM accounts. The AI-driven solution enables financial institutions to process transactions with unprecedented speed and accuracy, significantly reducing operational risks.

Harriet Yartey, Managing Director of CWG Ghana, noted the solution’s capacity to automate traditionally time-intensive tasks. “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,” Yartey stated.

Advanced features to streamline finance

The partnership emphasizes the importance of CLIREC’s robust features, which include AI-powered matching algorithms, real-time monitoring, and enhanced security measures such as enforced segregation of duties. 

CLIREC is designed to handle large transaction volumes efficiently, with comprehensive audit trails and support for multi-currency operations, making it adaptable across various African markets.

Oladapo Awokoya, Director of Projects/Business Analysis at PFS, highlighted how CLIREC addresses the “pain points” associated with manual processes, especially for institutions reliant on Excel spreadsheets. “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,” he explained. “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.”

CLIREC’s scalability has already been demonstrated, with successful implementations in over 40 countries for both financial and non-financial institutions. “CLIREC provides the security, accuracy, and reliability that modern financial institutions demand,” added Yartey. 

“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.”