In an interview with Peter Oluka of TechEconomy.ng, our MD/CEO discusses the importance of electronic KYC to the Identity Management sector.
Here’s an excerpt from the enlightening discussion between both parties.
“The KYC journey begins when you are meeting/enrolling the customer for the first time. If you are in the financial sector, the law mandates that you implement KYC. In the banks for instance, when you conduct transactions that transcend certain thresholds, you are required to report for anti-money laundering, to enable agencies like EFCC to track when certain crimes are committed.
Thus, identifying the people you’re providing services to is particularly important if your services are quite sensitive and involves certain human risks. These range from Telcos (telecommunication companies) that need to know their customers through and through, to the power sector that is required to have details of electricity consumer’s identity/details for billing purposes, etc. So, it is sufficient to say that many sectors and government organisations need KYC.”
Read the full interview here.
