Identity verification platform Trulioo has extended its services to customers in Nigeria and Ghana through its GlobalGateway service.
Nigeria and Ghana have both taken strides in boosting the digitalization of services, but financial inclusion is not as high as it should be. According to World Bank, only 62% of adults over 25 in Ghana have a bank account and just 44% of those in same age bracket in Nigeria have an account.
Not having an ID documentation was the largest barrier for accessing financial services, being cited by 26% of respondents in low-income countries, the study states.
Trulioo’s GlobalGateway reinforces fraud prevention and compliance systems of financial institutions by equipping them with real-time access to over 400 reliable data sources including credit bureau, government, mobile and banking data, globally.
By working with Trulioo, consumers in Nigeria and Ghana will now be able of verifying their identity and accessing financial services.
Trulioo COO Zac Cohen said, “While many African countries have made great strides in their national digital identity programs, far too many of the continent’s residents face barriers when attempting to access financial services.
“Financial institutions are reluctant to do business with citizens who lack a verified digital identity, as it can put them at risk of compliance violations, which in turn constricts citizens’ connection to the global economy.”
Canada-based Trulioo recently closed a $52.8m Series C round to support the expansion into new markets.
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