YouVerify, a Nigerian verification-related startup, has expanded its digital identity verification services to the Kenyan market with the aim to help businesses comply with regulatory requirements and create a more trustworthy and transparent economy.
The company takes the mainstream verification process of solely scanning security documents to a whole new level as it offers a broader range of services such as know-your-business, know-your-transaction, know-your-employee, risk intelligence, and media screening. It stated that it has huge expansion goals and plans to extend its product offerings to more countries in the future.
YouVerify’s decision to expand into Kenya was a strategic decision driven by the country’s potential for its technology and its commitment to regulatory reform. This was revealed by the company’s CEO Gbenga Odegbami.
Odegbami stated that by introducing its expertise and cutting-edge technology to the Kenyan market, the company aims to revolutionize the way businesses approach compliance and contribute to financial innovation globally.
“Expanding our product offerings to Kenya aligns perfectly with our vision to drive financial innovation on a global scale,” he said.
The startup intends to target telcos, banks, and lenders in Kenya for its verification services. It already collaborates with companies like e-taxi firm Bolt and Wema Bank. However, navigating the complex and evolving regulatory frameworks in Kenya presents a challenge for YouVerify. Compliance with regional, industry-specific, and data privacy regulations requires companies to stay updated and adapt their processes accordingly.
While YouVerify focuses on maintaining privacy and seldom shares information about fraud activities, it acknowledges that fraudsters constantly adapt and find new ways to deceive identity verification systems. To combat this, companies must proactively stay ahead of emerging fraud techniques, continually updating their algorithms and technologies to detect and prevent fraudulent activities.
Overall, YouVerify’s expansion into Kenya aligns with its goal of helping organizations overcome regulatory hurdles and fostering a more transparent and sustainable economy. The company aims to drive financial innovation globally by offering its advanced technology and expertise to businesses, empowering them to efficiently meet regulatory requirements and scale confidently.