Smile ID, Africa’s trusted leader in identity verification and AML compliance launches the 2024 Nigeria eKYC Report, the country’s inaugural report dedicated to digital identity verification.
The report dives deep into Nigeria’s advancements in biometric and NIN-based verification systems, showcasing the transformative impact of secure and inclusive identity solutions.
Adding to this landmark achievement, Smile ID announces a record-breaking milestone: 200 million identity verification checks completed. This remarkable feat was achieved in just 11 months, following the company’s seven-year journey to its first 100 million verifications.
A Milestone in Digital Identity Innovation
The 2024 Nigeria eKYC Report captures Nigeria’s growing adoption of robust identity verification methods that drive security and trust across industries. Over the past two years, biometric and NIN-based verifications have gained significant traction, highlighting a national shift towards fraud-resistant and user-friendly digital identity solutions.
“Our rapid growth from 100 million to 200 million verifications in less than a year underscores the increasing demand for secure and reliable identity verification across industries,” said Shile Owoka, Executive Director at Smile ID. “Our latest eKYC report highlights the pivotal role of biometric and NIN-based verifications in fostering trust, driving financial inclusion, and enabling business growth.
The report also emphasises the NIN system’s emergence as the backbone of Nigeria’s eKYC efforts. Organisations are increasingly adopting NIN-based verification while transitioning away from alternative ID types. Additionally, biometric verification is becoming essential for businesses aiming to scale securely while ensuring compliance and trust.
“Nigeria’s advancements in digital identity verification showcase the transformative impact of inclusive and innovative solutions. Our eKYC report highlights the growing trust in biometric and NIN-based verifications, empowering businesses to scale securely and efficiently. At Smile ID, we’re dedicated to sustaining this progress by delivering reliable, user-centric solutions that simplify KYC processes and unlock growth opportunities across different industries.” Peace Itimi, Director of Marketing at Smile ID added.
Report Highlights:
- Biometric Verification Adoption Doubles: The use of biometric technology in Nigeria has increased by 100%, reflecting its pivotal role in fraud prevention and identity protection.
- NIN-Based Verifications Up 80%: Verifications leveraging the National Identification Number have seen an 80% surge, making it the preferred choice for organisations across sectors.
And other key findings…
This report offers critical data for policymakers, financial institutions, and businesses navigating the digital identity space. With its innovative and inclusive approach, Nigeria is setting a high standard for eKYC adoption in Africa.
The 2024 Nigeria eKYC Report is now available for download here.
About Smile ID
Smile ID is Africa’s leading digital KYC provider and was founded to solve the specific challenges faced by companies trying to onboard users in unique African conditions. They have built proprietary machine learning algorithms and a technology platform to cater for all skin tones, entry-level devices and users operating in low bandwidth environments.
Smile ID prides itself on striking the right balance between stopping fraudulent transactions and reducing onboarding friction and has enabled some of the fastest-growing businesses across Africa to onboard at scale. Their client base includes Flutterwave, Fairmoney, Binance, Uber, Bolt, Kuda Bank, Opay, Paystack, Luno, Yellowcard, and hundreds more.
Want to see how they can help your business? Speak to a Smile ID Expert Today
