Smile Identity, a leading provider of digital identity verification solutions for Africa, has launched its highly anticipated 2022 end of year Know Your Customer (KYC) Report. Using data from nearly 50 million KYC checks across industries, this comprehensive report provides insight into the current state of KYC trends, policies, and best practices across the region.
Despite the economic challenges facing Africa and the world in 2022, the continent has seen sustained investment in technology, demonstrating the importance of digital identity infrastructure. As companies prepare for a potential global recession in 2023, they are focused on maximizing profitability and efficient capital growth.
In this context, the Smile Identity report highlights the crucial role of personalized onboarding processes. By working closely with identification authorities and clients, the company has achieved high approval rates while preventing fraud, protecting user data, and ensuring compliance with new data protection regulations. The report also notes that fraud rates leveled off in the second half of 2022 due in part to increased security measures in online spaces, stronger KYC controls, and more conservative marketing efforts in the face of economic hurdles.
The regulatory enforcement of user consent through digital channels has increased as privacy concerns over the proliferation of personal data have grown. The Smile Identity report, in its “deep dives by country” section, highlights new initiatives by the Nigerian Interbank Settlement System (NIBSS) and the National Identity Management Commission (NIMC) to introduce layers of consent called iGree and virtual NIN (vNIN), respectively. , which aims to transfer the process of collecting user consent from companies to ID issuing authorities. These Nigerian policies create standards for the use of digital identity credentials and aim to give users a higher level of security and control when interacting with businesses.
Other African nations are also modernizing their identification infrastructure to harmonize data, reduce fraud, improve service delivery, and increase inclusion.
Selected topics discussed in This report:
- From downtime to uptime: how document verification can solve the database downtime challenge seen in Africa.
- The importance of biometric controls in the fight against fraud: how 50% or more of fraud goes undetected.
- Exploring the markets of Nigeria, South Africa, Kenya, Uganda and Ghana: an in-depth look at country-specific trends.
- The rapid transition from NIN to virtual NIN in Nigeria for Smile Identity clients. 60% of usage switched to the new virtual NIN (vNIN) within two months of introduction.
“At Smile Identity, our mission is to make it safe and easy for anyone to prove their identity online. To achieve this, we are building an infrastructure to embed and secure Digital Africa,” said Mark Straub, CEO of Smile Identity. “Our products help pave honest paths to success, and we are proud to have contributed to helping companies across the continent achieve their goals by 2022.”
Click here to download the full report from the Smile Identity website.
About the identity of the smile
smile identity is the leading Know Your Customer (KYC) digital and identity verification provider for Africa. We help businesses scale quickly in Africa by confirming the true identity of their users in real time, using any smartphone or computer. Our technology is powered by proprietary machine learning algorithms designed specifically for African faces and network connections. We have developed solutions for identity verification, digital KYC, user onboarding, biometric authentication, deduplication, and anti-fraud controls. Backed by Costanoa, Norrsken22, CRE Venture Capital, Khosla Impact, LocalGlobe, Courtside Ventures and Angel Investors from across Africa, Smile Identity is enabling the growth of tech ecosystems across the African continent while providing infrastructure to build trust in line. For more information, visit www.smileidentity.com.