CWG Ghana, PFS partner to transform financial reconciliation across Africa

CWG Ghana Limited, the local branch of CWG Plc, a leading Pan-African technology solutions provider, has partnered with Precise Financial Systems (PFS), Nigeria’s premier financial software company, to launch CLIREC—a cutting-edge account reconciliation solution aimed at revolutionizing financial processes across Africa.

This strategic alliance combines CWG’s extensive experience in technology distribution with PFS’s specialized expertise in financial reconciliation, promoting Africa’s technological advancement and retaining intellectual resources within the continent.

“This partnership exemplifies the Pan-African spirit, demonstrating the potential Africa holds for its own development,” said Philip Ayeni, Deputy Managing Director of PFS. “We’re not just combining strengths; we’re creating multiplicative value for African financial institutions.”

At the heart of the collaboration is CLIREC, a solution that leverages artificial intelligence to automate complex reconciliation tasks that typically require significant manual intervention. Designed to address financial institutions’ critical challenges—such as reconciling Nostro, Vostro, suspense, e-business, and ATM accounts—CLIREC processes millions of transactions daily with efficiency and precision.

Harriet Yartey, Managing Director of CWG Ghana, emphasized the impact of CLIREC’s automation: “What would usually take four to five hours of manual processing can now be accomplished in minutes. This efficiency isn’t just about speed; it’s about delivering accuracy, reliability, and fraud prevention.”

With AI-driven matching algorithms, CLIREC brings unprecedented accuracy to transaction reconciliation, fully automating processes and eliminating the need for manual data entry. The solution’s features are tailored for the modern financial landscape, offering comprehensive audit trails, multi-currency support, and advanced MIS reporting, providing executives with critical insights for data-driven decision-making.

The platform’s advanced security features, including enforced segregation of duties, safeguard institutions against fraud by ensuring balanced control within reconciliation processes. Additionally, CLIREC’s real-time monitoring capabilities enable organizations to track reconciliation processes and transactions instantly, offering transparency and oversight crucial in today’s fast-paced financial sector.

“For financial services providers, such as banks and fintechs, challenges in reconciliation—like data entry errors and delayed reporting—are common,” noted Oladapo Awokoya, Director of Projects/Business Analysis at PFS. “Institutions relying on Excel spreadsheets struggle with modern demands, leading to inefficiencies and compliance risks. CLIREC not only enhances accuracy and reporting efficiency but also empowers finance teams as strategic business contributors.”

CLIREC has already been implemented in over 40 countries, benefiting financial and non-financial institutions with its scalable, standardized processes. Its AI-powered automation has been shown to reduce errors by up to 98% and make processes 100 times faster, promising a return on investment within six to twelve months. “By automating these critical processes, CLIREC offers the security, accuracy, and reliability modern financial institutions require,” said Mrs. Yartey. “Our partnership with PFS is addressing a key gap in the African financial sector, where many institutions are still reliant on manual or semi-automated systems. This solution will reduce operational risks, improve efficiency, and support data-driven decision-making.”