LIMITING ILLICIT FINANCIAL FLOWS : Cdec/Sopra Banking Software Launch the ‘Amplitude’ Solution
According to the terms of the contract signed between the General Manager of the Caisse des dépôts et consignations du Cameroun (Cdec) and his counterpart at Sopra Banking Software, the Amplitude application intends to collect, secure and make profitable public and private resources to direct them towards supporting public policies.
The Director of the Cdec institution, Richard Evina Obam initialed an agreement for the implementation of the banking information system called ‘Amplitude’ with his counterpart from the French operator Sopra Banking Software, last September 12 in Yaounde.
Nine months after its operationalization, the Caisse des dépôts et consignations du Cameroun (Cdec) has begun with work. Indeed, the secular arm of the State in terms of collecting, securing and making use of public and private resources in order to direct them towards supporting public policies is part of an ecosystem of interoperability with banking actors.
This ‘‘core banking” platform will act as a development accelerator for banks and intends to respond to their daily challenges, all in line with the growth of the Cameroonian banking market. « Well-known software in the financial sector, this application will bring to the Cdec, the ability to consult a significant volume of information and data, operations at the level of central management and even at the level of our agents on the Treasury network. It is a software that will also by its solidity, provide us with security, to minimize and mitigate the risks of fraud and data destruction, » explained the CEO of Cdec, Richard Evina Obam.
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The action is seen as a major step forward that will allow the country to limit the financial losses caused by the circulation of illicit financial flows related to money laundering, terrorist financing and various trafficking. Based on data from the National Financial Investigation Agency (Anif), the National Anti-corruption Commission (Conac), in its latest 2021 report, the financial damage caused by illicit trafficking figures is at 135 billion FCFA.
Amplitude is a system used by financial institutions to have traceability on customers and all the operations that are carried out. “This application allows us to have the ability to track and report the entire history of transactions in order to justify the way money is managed. In the collection of management and funds, this system brings information security,” specifies the Managing Director of Western and Central Africa Sopra Banking Software, Auguste Bertrand.
With 44,000 employees and a turnover of 373.7 million euros (2018), Sopra Banking Software offers its digital solutions to 800 banks in 70 countries.
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