Eco-6 Lumi: Few important things Swifin achieved from its system upgrade

The Swifin digital platform resumed full business activities after 26 days of service outage due to system upgrade.

The system upgrade is over and we have to look at what have been achieved by the long maintenance break.

Several things have been achieved by the upgrade and notable amongst them is the verification and restrictions of several unreliable accounts, Conversion of the Lumi currency and modification of the registration process and few other things as we may confirm later.

Recall that NewsWay reported earlier that accounts belonging to users who are involved in fraudulent activities will be subject to validation with stiff processes to ascertain the genuineness of the documents provided.

Swifin has decided to enforce validation on those accounts as mentioned above. Users who are involved in fraudulent activities will have to provide genuine documents to validate their accounts. These documents includes a selfie picture that must not correspond to any previous selfie uploaded before, ID Cards issued by the government of the country of origin of the User that must not match any ID documents provided by another users, address Verification and so on.

Some Users were reported to have involved in fraudulent activities such as displaying items for sale on the platform’s e-store to defraud other users by collecting their Lumi and refusing to send the items for which they have paid for.

Such accounts had their balances wiped off, meaning all the Lumis they have made including the ones paid as stimulus have been automatically taken away by the support team.

Conversion of the currency

Like we have said, Swifin promised during the new year update that it will partner with other Central Banks’ Digital Currency handling wallets to carryout conversion of the Lumi currency as the year 2022 progresses.

With the launch of PAPSS (pan African Payments and Settlement System) the huddle for conversion is eliminated. PAPSS is involving all African countries’ Central Banks and Regional Central Banks including the Diaspora Central Bank which is the issuer of the Lumi currency. Once there is a pathway linking PAPSS digital wallet to Swifin, users can successfully make payments in Lumi currency and  the Payee gets credited in his Currency.

Modification of the Registration process

Swifin has also modified the process of registration on its portal. Unlike before new users now have to pass through a stiffer process of registration to be able to benefit from the Eco-6 Lumi stimulus.

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More updates on the New Registration process will be updated soon.

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