Financial Inclusion Africa’s Post

Assertions: Unlike immutable truths, assertions are highly subjective, based on the point of view of the observer, and often claim-oriented. They may be implicit, such as registering TNs (bad actors do not want transparency), or explicit such as "We do not make telemarketing calls". 📃 For more on this from Gerry Christensen, Head of Partnerships and Regulatory Compliance at Caller ID Reputation®, see: https://lnkd.in/gqHff2Jd

Do you know that despite widespread internet access, only 40% of Africans use mobile internet. Additionally, a significant portion of the population, estimated at 542 million, lacks proof of identity, creating a substantial opportunity for ID verification solutions. What is the solution to this unique problem? In an interview with Niyi ADEGBOYE, Prembly’s co-founder and COO, he gave insights on how KYC verification policies affect businesses within the African private sector and how businesses can position themselves to solve some of these issues. Read here👇🏽 https://lnkd.in/dhnYjFjU

Efficacious KYC is NOT a one-time event (such as onboarding Q&A and documentation) as it requires continuous and effective identity 🆔 management that focuses on three key areas: (1) Immutable Truths 💯, (2) Assertions 📃, and (3) Monitoring 🔍. For B2C communications, identity involves things like telephone numbers (TN), networks, organizational (business, government, NGO) credentials. ID management in this context may include the following: 💯 (1) Involves things like TN type (fixed VoIP or mobile), legitimate corporate filings, verified owner and/or operator credentials, etc. 📃 (2) May be implicit, such as registering TNs (bad actors do not want transparency), or explicit such as "We do not make telemarketing calls". 🔍 (3) Involves continuously checking # 2 to affirm the veracity of claims. For more on this and other related topics, see: https://lnkd.in/eBvmVqxb #kyc #identity #identitymanagement #digitalidentity #authentication

#Identity_Verification Market Share Expected Huge Growth during 2023–2032 https://lnkd.in/dYVMnjNE Various organizations employ #identity #verification services to make sure that the data provided by users or customers is authentic. The identity verification solution ensures a high level of assurance with #detailed #attributes, including #personal #credentials, #nationality & #immigration #status, identity document verification, and #employment & #business #registration. Experian GBG Plc Equifax Mitek Systems LexisNexis Risk Solutions Onfido Trulioo Acuant IDEMIA Jumio Corporation TransUnion AU10TIX IDology Innovatrics Applied Recognition Corp. Signicat SecureKey Group FNZ ( formerly Authenteq ) PXL Vision IDMERIT Shufti Pro iDenfy WebID IDnow Passbase #Identity_Verification #information_and_communications_technology #business_opportunities #marketanalysis #marketresearch #opportunities #business #future #identity #verification #technology

Nigerian based identity company SEAMFIX raises $4.5 million for his identity management platform #Seamfix, a leading identity solutions provider based in Nigeria, is set to expand its footprint across Africa after securing a $4.5 million funding round, spearheaded by Alitheia IDF. This marks the company's first influx of institutional capital since its founding 17 years ago. Established by Chimezie Emewulu and Chibuzor Onwurah, two classmates driven to "seamlessly fix" technological issues, Seamfix began by creating custom digital solutions for organizational workflows before pivoting to identity management in 2015. The shift to identity solutions came after realizing the vast identity verification challenges during a project that revealed student impersonation issues. Seamfix’s services have become crucial in a region where over 542 million people lack identity cards, representing a significant impediment to socio-economic development. Their innovative approach includes creating digital identities, providing verification for large organizations and governments, and facilitating transaction accreditation. Partnerships with major African telcos like MTN have been pivotal in registering millions and ensuring compliance with stringent regulatory requirements. The funding will also support the development of a pan-African identity switch, a groundbreaking initiative that will enable cross-border identity verification, potentially transforming the economic landscape by facilitating easier and more secure transactions across Africa. With a track record of processing over 500 million identities and major contributions to national projects, such as helping the National Identity Management Commission [NIMC] and various telcos in Nigeria, Seamfix is set to leverage this investment to further penetrate the African market and address the pressing identity verification needs across the continent. The article on TechCabal in the first comment. Want to stay up to date with the market? Here my newsletter: - Linkedin: https://t.ly/s541W   - Substack: https://lnkd.in/dzfGJzmW

Fraud is escalating in Fintech🚨 🔐Fraud is escalating beyond fake documents, with genuine Right-to-Work evidence now exploited by imposters. Verification, essential in-person or remotely, demands precise document matching. 📸 Identity validation services employ face-matching and liveness checks against document photos, allowing SMEs to enhance security by confirming the match between the person on their first day and the one initially checked. ⚡️At Zinc, we use technology that matches live selfies with documentation images. 🌐 Our IDVT technology verifies the right to work globally. Candidates without British and Irish passports can easily submit alternative documents like share codes or national ID cards, ensuring a flexible and accessible verification process. 🔍 For swift identity validation, we collaborate with Onfido to ensure a trustworthy verification process. 🔒💼Protect your business by verifying the authenticity of your employees. #fraudprevention #businesssecurity #backgroundchecks #hr #fintech

How Australians can soon take back control of their identity #australianfintech #fintech #fintechnews #finance #financialtechnology #technology #tech #technews #ID #identity #DigitalID Australian Payments Plus #payments #digitalpayments

Colombia: Delays in Issuance of Identification Cards Currently, the processing time for identification cards through Colombia's Migration Service is about 35 calendar days, a significant increase from the previous timeframe of 10 business days. This delay has occurred following a change in April 2024 when the contractor responsible for issuing these identification cards was switched. These ID cards are essential for registration in the national social security system and for opening bank accounts in Colombia. #Colombia

#Evrotrust, a leading and #qualified provider of #digital #trust #services with over 1,4 million international users, was officially registered as an #electronic #identity #service provider by the Authority for the Digitalization of Romania (#ADR). #certification #ADR #eIDAS #compliance #trustservices #eID #banking4.0