Nigeria’s address verification service processes 200,000 applications
Digital identity and eKYC startup, VerifyMe has announced that it has processed over 200,000 Tier III address verifications in 2021. This is in addition to over 600,000 4D Geographic Information System (GIS) checks using customers’ smartphones.
The announcement follows the 2020 launch of the firm’s proprietary 4D GIS geo-tagging solution, VeriFind, which automates real-time addressing using GPS technology to provide quality location information services to FinTechs and payment customers.
VeriFind’s 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.
Chief Executive Officer, VerifyMe Nigeria, Esigie Aguele, said the solution 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.
He said: “We are excited to note the great strides VeriFind is making in 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 our customers to onboard customers and open either Tier III or other account types with speed.
“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.
“In addition, VeriFind can be integrated into a customer’s existing workflow using our Software Development Kit to pinpoint the exact location of customers even when the address is non-standardized. This gives our customers complete control to build their address verification model and makes our service configurable based on our customers’ risk threshold. 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.”
Since entry into the Nigerian market, VeriFind has lowered transaction costs for address verification by over 300 per cent through leveraging technology and our agent network to gain economies of scale and pass savings on to our customers. VerifyMe has received wide recognition as an indigenous company built by Nigerians to solve problems for Nigeria.