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Aguele: Growing Nigeria’s trust economy with digital identity, verification

By Olawunmi Ojo
31 October 2021   |   4:12 am
When the Central Bank of Nigeria (CBN) adopted the National Financial Inclusion Strategy (NFIS) in 2012, the NFIS was built on four strategic areas of agency banking, mobile banking/mobile payments, linkage models and client empowerment.


When the Central Bank of Nigeria (CBN) adopted the National Financial Inclusion Strategy (NFIS) in 2012, the NFIS was built on four strategic areas of agency banking, mobile banking/mobile payments, linkage models and client empowerment. Four priority areas were identified for guideline and framework development namely, Tiered Know-your customer (T-KYC) regulations, Agent Banking regulations, National Financial Literacy Strategy and Consumer Protection. The apex bank’s over-arching objective for the NFIS was to ensure that individuals and businesses have access to useful and affordable financial products and services that meet their needs – transactions, payments, savings, credit and insurance, delivered in a responsible and sustainable way.

VerifyMe, a digital identity and verification services company has, in part, since 2017, been supporting the apex bank’s initiative, through the deployment of its eKYC infrastructure to enable interoperability of KYC data across industries and employers, which enables decision makers to assess customer suitability for financial and other services.

Licensed by the National Identity Management Commission (NIMC), its verification services are available by API or via our full-service Managed Verification Platform. As such, customers are able leverage its services to enable contactless customer onboarding, confirm National Identification Number (NIN), Bank Verification Number (BVN), and Driver’s License (FRSC) and secure e-commerce transactions using the AI-powered facial recognition and liveness detection technology.

Esigie Aguele, Chief Executive Officer, VerifyMe Nigeria, in explaining the significance of its services in growing Africa’s Trust Economy, said VeriFind is the first and only infrastructure that combines a licensed identity verification platform with Tier III compliant addressing and real-time 4D GIS location intelligence features for cheaper, faster, quality verifications and for product recovery. “Launched in 2020, VeriFind is VerifyMe’s proprietary 4D Geographic Information System (GIS) geo-tagging solution. VerifyMe is building the Nigerian trust infrastructure by offering digital identity and verification services to a wide range of industries and the retail market. All our verifications are compliant with Central Bank of Nigeria (CBN) Tier III and Anti-Money Laundering (AML) protocols.

“VeriFind is solving the problem of easily and accurately verifying and authenticating locations on given addresses even when they are non-standardised. This is solving the problem of allowing VerifyMe’s FinTech and payment customers onboard customers and open either Tier III or other account types with speed,” he said.

VeriFind automates real-time addressing, using GPS technology to provide quality location information services to FinTechs and payment customers. Its unique infrastructure enables tiered addressing options from real-time 4D GIS calls to Tier III compliant last mile addressing within the same workflow, and depending on the customer’s scenario.

Aguele said: “VeriFind’s unique addressing platform and GIS technology improves address verification completion rates by running pre-screening for addresses using GPS positioning systems in real-time. Our Tier III capability is backed by a nationwide logistics network of over 25,000 verification agents, making it the most advanced and comprehensive digital address service in Nigeria presently. As a proudly Nigerian company, we want to provide a credible, trust-based system backed by strong KYC infrastructure to help grow business and strengthen our economy.”

With over 35 deposit banks, 50 credit lenders, 12 of the top insurance companies and over 150 other businesses currently using VerifyMe’s APIs and addressing platform to grow their businesses, the firm disclosed that it has processed over 200,000 Tier III address verifications in 2021 alone, in addition to over 600,000 4D GIS checks using customers’ smartphones.

Since entry into the Nigerian market, VeriFind has lowered transaction costs for address verification by over 300 per cent through leveraging technology and its agent network to gain economies of scale and pass savings on to customers. VerifyMe has received wide recognition as an indigenous company built by Nigerians to solve problems for Nigeria.

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