A sustainable open finance economy in Africa can only be achieved with a workable open financial system with reliable consumer data, according to Sarah Essien, Chief Operating Officer of VerifyMe Nigeria, a company with headquarters in Lagos that specializes in digital identity and Know-Your-Customer (KYC). In order for financial institutions to develop products specifically tailored to meet the needs of different customer segments, they need to be able to connect to reliable consumer data for efficient production easily.
Essien, who was speaking outside the sixth African Fintech Summit, which just ended in Cape Town, South Africa, said, “as the continent continues to ramp up efforts to open the financial space to the estimated 57 per cent of Africans who are currently locked out, collaborative, conscientious and deliberate efforts must be made towards creating an environment, where these populations feel represented, safe and secure enough to remain within the system.”
A recent B2B infrastructure launch by the company, QoreID, serves as an illustration. It links medium and large businesses to reliable identities and consumer data.
Essien pointed out that companies using the platform could access real-time KYC data, income, and credit profiles, and digital addressing solutions, among other things, that lessen the risk of errors and fraud in transactions in addition to making customer onboarding quicker, more effective, and more reasonably priced making their business operations better
“We are excited about the prospects of QoreID in transforming businesses across Africa and helping them drive growth within new markets. QoreID’s robust trust-based infrastructure is not only helping businesses know who their customers are but is also giving them credible insights into what they are so they can deliver fit-for-purpose solutions to the market,” She stated.
Read also: VerifyMe debuts QoreID in Ghana
Solution For Consumer Data
Solutions include automated last-mile for fintech, digital addressing, real-time identity verification, company verification, financial profiling, fraud protection, and many more.
Additional services include alternative credit analytics, income and statement confirmation, market data, real-time vehicle confirmation, asset confirmation, and identity identification.
Many international organizations have switched to QoreID’s secure API hub and Software Development Kits (SDK) to meet their business and regulatory requirements since the platform launched in Nigeria and Ghana in September of this year.
VerifyMe is presently a dominant force in the West-African subregion and has been chosen by StartupBlink as a Notable Ecosystem Champion in Nigeria. Currently, more than 55% of commercial banks, 90% of digital banks, 50% of the top 15 insurance providers, and more than 50% of the top credit lenders In Nigeria rely on its products.
In the upcoming months, QoreID will be introduced in additional markets on the continent.
VerifyMe Releases Nigeria’s 1st Digital ID and KYC Industry Report
Expanding Africa Financial Systems
In order to evaluate access to formal financial services and to explore policies that help transform the unbankable population into the bankable population and the bankable population into the banked population, the concept of an access possibilities frontier is proposed.
Four components of the access agenda must be addressed. 1. The function of various financial service providers and the significance of competition in easing supply-side restrictions. 2. The requirement to improve the level of financial literacy among consumers and providers of financial services. 3. The potential and difficulties of using technology to increase access. In this setting, a new transaction-led strategy for financial inclusion may be more effective in Africa than a credit- or savings-focused strategy.
It is also considered how governments might promote competition and institutional growth to increase coverage. The final section of the chapter provides an overview of several industries, including the continued issues with rural and agricultural loans as well as the difficulties with financing small and medium-sized businesses.
