The opportunities for banking in Africa are immense. The region is a ‘sleeping giant’ when it comes to accessing traditional bank accounts, digital banking and affordable financial services.
According to the World Bank, 57% of Africans still do not have any kind of bank account, including mobile money accounts. This translates to about 360 million adults in the region and approximately 17% of the total global unbanked population without access to formal financial services, a recent study by BPC and Fincog found.
South Africa’s Financial Sector Conduct Authority (FSCA) notes that banking regulations of digital services in most of Africa are slow to evolve, with a study from the Africa Centre for Strategic Studies showing that only 15 African countries have completed national cybersecurity strategies for threat monitoring and response.
Aggressive expansion
This highlights the need for new digital players to provide solutions and the main reason behind the aggressive expansion journey on which Pan-African FinTech innovator, iiDENTIFii, has embarked.
“As digitisation accelerates across Africa, the demand for liveness detection, identity verification and authentication services has become critical,” said Gur Geva, CEO of iiDENTIFii. “Companies require additional security as online identity fraud, impersonations and cyberattacks become more sophisticated.”
“We believe that we are in a strong position to embrace the opportunities that exist,” said Geva. “We understand Africa deeply and that gives us the Edge. iiDENTIFii’s enterprise-grade face authentication platform has trained its algorithm across millions of face match operations in Africa, encompassing thousands of unique ethnicities across the continent. Our vision is to be the leading enterprise-grade identity verification and authentication provider on the continent.”
iiDENTIFii is rolling out across 20 countries, including Kenya, Uganda, Botswana and DRC, following increased demand from both new and existing clients who require a trusted identity verification and authentication partner in various jurisdictions.
Partnerships
Geva notes that each country has different legal and regulatory requirements.
“We have integrated with most of the largest South African banks who have expanded throughout Africa and have a wide footprint on the continent. It makes it easier for us to echo their expansions,” said Geva.
Partnerships with Microsoft, KPMG, BCX and Endeavor offer opportunities to further increase iiDENTIFii’s footprint in Africa.
“Our investors, like Arise, are enabling huge opportunities in the banking and financial services sectors,” said Geva.
Geva believes the African market is definitely ready for enterprise-grade IDV offerings. There are smaller companies that are involved in IDV in Africa, but few can deliver the enterprise-grade security and customer experience at scale.
The advantages of having iiDENTIFii as an IDV partner of choice in the African market include:
● 4D LivenessTM – which is proof of biometric liveness – the ability to confirm that an individual is a real person and the right person and present at the right time
● Facial authentication – which matches faces to trusted images using Machine Learning technology
● Identity document verification – the capability to onboard any identity documentation and extract the data
● Facial biometric verification – triangulation of information and biometric images with Government authoritative databases.