Tanzania-based NALA Money has partnered with global identity verification provider Veriff to improve secure access to financial services.
NALA provides a personal finance app to over 250,000 users across Tanzania and to make its services more widely available, it is trying to address barriers people have from access financial services.
To do this, the company has teamed up with Veriff to improve secure access.
Veriff claims it can verify more than 9,000 government issued IDs from over 190 countries, including 50 in Africa. The platform assesses ID images and can automatically verify is it is valid.
NALA CEO Benjamin Fernandes said, “Over 70% of remittances sent to Africa are still sent in cash, but over 85% of financial institutions now have a digital presence. We want to tackle the pain points which limit access to digital finance tools for the African community in the UK.
“This is especially important as society shifts to operating ‘digital first’ with more online transactions taking place than ever before. It’s exciting and reassuring to see the proactive steps Veriff is taking to build a more inclusive verification process. It was one of the things that really stood out for us when choosing a KYC partner.”
Copyright © 2018 RegTech Analyst
