The verification of identity or Know Your Customer (KYC) is a compulsory requirement before any financial institution can signup or start any business relationship with a customer as this helps check risk and determine whether or not there is an element of money laundering, fraud and other corruption-related activities.
However, The Central Bank of Nigeria reportedly suspended the provision of the BVN validation service to all fintech and third-party partners in the country. With this development, non-banks have lost one of the most comprehensive means of identity verification in the country.
As much as this may be disappointing to many fintech startups that have built their verification systems around BVN, there are still alternatives in sight.
In Nigeria, several other Personally Identifiable Information (PII) l can be used to verify identity. Some of which include biometric information, phone numbers, national ID cards, NIN, International passports, and INEC Voters Card. The information provided by customers can be verified against the appropriate country’s databases.
Appruve Identity, allows you to match the bank data retrieved from the account holder against your customer's details in real-time. Our secure but simple to use API gives you access to data across all your platforms.
You too can join other financial institutions that are using Appruve to easily verify their customers’ identity. When you sign up, you get 100 credits - on us!