Grace Ashiru
Users sometimes undergo complicated, difficult steps to prove their identity. YouVerify is a Nigerian company that just started up in Kenya. It plans to work with local banks, telcos, and fintechs to solve the problems.
Digital verification keeps growing in many places around the world. Since then, many startups have found a market in verification tasks. One of these is YouVerify from Nigeria, which opened its doors in Kenya at an event in Nairobi. YouVerify says the company uses its technologies beyond “know your customer” methods. This is different from other companies that use document scanning to verify people.
YouVerify has added products like know-your-business, know-your-transaction, know-your-employee, risk intelligence, and media screening to its service offerings beyond KYC.
YouVerify says that it is expanding the reach of its product, which means that it is likely to start in more countries soon. Dimitri Kanellopolos, the company’s CEO, says that the startup’s goal is to help organizations deal with the challenges of regulatory standards.
Why Kenya?
YouVerify is moving to Kenya to help businesses follow the rules. It thinks that giving companies the necessary tools and knowledge can help make Kenya’s economy more trustworthy, open, and stable.
The CEO and co-founder of YouVerify, Gbenga Odegbami, said the company’s choice to bring its products and services to Kenya was smart. After looking at how compliance works in Kenya, YouVerify saw a market for its technology there.
Youverify’s world goal is to drive financial innovation, so they are bringing more of their products to Kenya. By bringing its technology and knowledge to the Kenyan market, the company hopes to change how businesses think about safety.
We aim to drive financial innovation worldwide, so bringing our products to Kenya fits that goal. Odegbami said, “When we bring our cutting-edge technology and expertise to the Kenyan market, we want to change how businesses deal with compliance.”
Kanellopolos also said that the company is “excited to bring our goods and services to Kenya. We have been keeping an eye on the country’s fast-changing financial sector and its commitment to changing how regulations work for a long time.
This makes the perfect environment for reg tech service providers like us to thrive and give Kenyan businesses the tools they need to meet regulatory standards quickly and confidently as they grow.
Locally, YouVerify may give telcos, banks, and lenders verification services. It already works with Wema Bank and the e-taxi company Bolt.
Market challenges
Kenya has been filling in gaps in the law with new ones, especially in data security. We don’t know how YouVerify will deal with complicated regulatory frameworks. Compliance with regional, industry-specific, and data privacy laws is always challenging. Companies must stay on top of changes and adjust their processes to meet the new requirements.
Youverify doesn’t share as much information about fraud as its competitor Smile Identity. Still, it’s important to remember that scammers constantly change and develop new ways to trick identity verification systems.
Companies must stay on top of new ways to commit fraud and keep their systems and technologies up to date so they can find and stop these activities.
