Africa’s Identity Fraud Crisis: How to Protect Your Business.
Since 2019, there has been a 17% surge in biometric and document fraud across Africa. This isn’t just a faceless statistic; it’s about Stephanie, the Congolese student who was denied her voice in the democratic process due to a faulty ID card, or Kweku, the Ghanaian entrepreneur whose details were used to open a bank […]
Nigeria’s New Crypto Regulation: All You Need To Know
According to Chainalysis’ 2023 Global Crypto Adoption Index, Nigeria has the world’s largest peer-to-peer cryptocurrency transaction volume, exceeding $56.7 billion between July 2022 and June 2023. This hasn’t gone unnoticed by the country’s Securities and Exchange Commission (SEC), which recently released a regulatory framework for onboarding Virtual Asset Service Providers (VASPs). “What should I make […]
What Next for African Startups After Mercury Closes Accounts To Avoid KYC/AML Sanctions
Many African startups were recently left stranded when US bank Mercury announced it would be closing accounts in 13 African countries. While Mercury cited internal changes in account eligibility, the move also comes amid increased scrutiny from US regulators on Anti-Money Laundering (AML) compliance for fintech startups, especially those operating in multiple markets. Why is […]
Generative AI in Document Verification: The Needed Upgrade or Another Spoof?
“Is this written by ChatGPT?” Popular American Investor Paul Graham caused a stir on X (Formerly Twitter) when he insinuated that certain words like “ delve” are an obvious pointer to the use of generative AI tools in language. It did not go down well with the wider community. The issue he raised was countered […]
DORA and You: How This New Regulation Could Impact Your Business In The UK
DORA stands for the Digital Operational Resilience Act. Introduced on January 16, 2023, DORA is a comprehensive regulatory framework established by the European Union (EU) for incident reporting, resilience testing, third-party risk management and information sharing among financial institutions and their supporting technology providers. While primarily targeting EU entities, its ripple effects extend to businesses […]
Understanding PEP Screening For Regulatory Compliance
PEPs, or Politically Exposed Persons, refers to individuals who hold prominent public positions or those closely associated with them. Due to their roles, a lot of PEPs are often involved in corruption and money laundering. Money laundering is a serious financial crime, with Africa and the UK respectively losing an estimated $88.6 billion and over […]
Can Identity Verification Help Businesses Prevent Chargeback Fraud and Reduce False Disputes?
Did you know that 81% of cardholders have filed a chargeback? While many are legitimate, a significant portion is fraudulent, costing businesses $40 billion annually. Globally, fraudsters use chargebacks as the perfect disguise for illegal refunds. In one survey, 23% of respondents admitted to engaging in chargeback fraud when they filed a dispute over a […]
From Paper-Based to Digital: The Efficiency of Identity Enrolment Solutions
From bustling cities to remote villages, the shift from paper-based to digital identity enrolment solutions is reshaping how countries manage their citizens’ identities. This transition brings with it a host of advantages, including cost reduction, increased accessibility, and improved data accuracy. In this essay, we will delve into the benefits of digital identity enrolment solutions […]
Revolutionizing Rural Access: Unleashing Opportunities through Digital Identity Enrolment
Revolutionizing Rural Access: Unleashing Opportunities through Digital Identity Enrolment Introduction In today’s interconnected world, access to digital identity has become a necessity for economic growth and social development. However, one significant challenge that persists in many parts of the world, particularly in rural areas, is the lack of proper identification systems. Without a valid identity, […]
Simplified MVNO Customer Onboarding and Identity Solutions by Seamfix
For an industry with a growth rate expected to reach $89 billion by 2025, Mobile Virtual Network Operators (MVNOs) have emerged as essential players in the telecom industry, offering innovative and niche services to consumers without operating their physical infrastructure. So as MVNOs continue to grow, ensuring seamless customer onboarding and robust identity verification processes […]