Fintech, mobile financial services growth linked to rising sharp practices

The rapid growth of fintech, mobile financial services, open banking, near instant cross-border payments and block chain have created fertile ground for unscrupulous individuals to exploit the system.

The Publisher, BusinessDay Newspaper, Frank Aigbogun, who disclosed this during an award ceremony organised by BusinessDay Media, where digital identity and Know-Your-Customer (KYC) technology company, VerifyMe Nigeria, won the award for RegTech Company of the Year at the 2022 Banks and Other Financial Institution (BAFI) Awards, said VerifyMe has displayed excellent creativity and innovation in helping their clients evolve amidst complex regulatory requirements across the global financial services industry.

The RegTech Company of the Year award recognises a company that has achieved significant business growth through innovation by helping organisations simplify, streamline and automate the regulatory compliance processes of their businesses while reducing the risk of
fines, penalties and adverse legal outcomes. Other nominees within the category were: Carbon IVS, Shufti Pro and Smile Identity.

Receiving the award on behalf of the company, Chief Operating Officer, VerifyMe Nigeria, Sarah Essien said: “We are thrilled to receive this recognition for the crucial role we are playing in advancing the Nigerian digital identity and consumer insights sector.

“It takes a committed team to build a successful brand and we couldn’t have done this without our amazing team, partners and customers, some of whom have already won tonight and I’m sure more will win. This one is for the VerifyMe family.

“This is another milestone for us and reinforces our commitment to growing Africa’s trust economy by connecting businesses to trusted identities and critical consumer data in order to help them scale in a sustainable, safe and secure manner.”

Chief Technical Officer, VerifyMe Nigeria, Femson Adeyeye, noted that the recognition was a stepping-stone to bigger accomplishments and a motivation to exceed expectations.

He said: “As a leader in tech, it’s a great honour to be recognised for the innovation and hard work that goes on at VerifyMe. We have recently extended our brand footprints by launching into Ghana as QoreID, a B2B company dedicated to helping businesses meet regulatory verification requirements, improve customer experience and drive market growth.”