Firm unveils instant vehicle licence plate verification service
Digital identity and consumer analytics technology company, VerifyMe Nigeria, has launched a digital plate number verification service that verifies motor vehicle and motor owner data instantly via number plates.
Co-founder/CEO, VerifyMe Nigeria, Esigie Aguele, said the number plate verification service is designed to fill the need for trusted real-time data within vehicle and asset verification market. It will also enable insurance companies to instantly onboard customers while also maintaining full compliance and security.
He said: “We are enthusiastic about the possibilities Plate Number Verification service offers in opening new opportunities for the insurance sector. This initiative, supported by the FRSC will ensure trust in the system as the parties in a transaction can confirm the particulars of a vehicle real time and mitigate future issues and delays during claims.
The Nigerian Insurers Association (NIA) estimates that the auto-insurance sector has a N50 billion premium growth opportunity while about 77 per cent of cars in the country are currently uninsured. This situation is exacerbated by the high number of unregistered vehicles and vehicles with fake registration licences on the roads, which significantly frustrates motor-insurance penetration in the country.
Additionally, about 95 per cent of the Nigerian auto market falls within the used car segment making it critical to verify the details of vehicles for end-to-end transaction trust.
The country also accounts for about 15 per cent of Africa’s ride-hailing app customers. The Vehicle License Number API will facilitate the seamless sale and purchase of vehicles, boost consumer lending and enhance security within the industry.