One of the leading digital identity and Know-Your-Customer (KYC) technology company, VerifyMe Nigeria, has won the award for RegTech Company of the Year at the 2022 Banks and Other Financial Institution (BAFI) Awards organized by BusinessDay Media.
The RegTech Company of the Year award recognises a company that has achieved significant business growth through innovation by helping organisations simplify, streamline and automate the regulatory compliance processes of their businesses while reducing the risk of fines, penalties and adverse legal outcomes.
Other nominees within the category were: Carbon IVS, Shufti Pro and Smile Identity.
According to Frank Aigbogun, Publisher, BusinessDay, VerifyMe’s win was informed by the company’s top market position as a provider of Know Your Customer, Anti-Monday Laundering (AML) and Customer Due Diligence (CDD) solutions in Nigeria and other sub-Saharan African countries.
“The rapid growth of fintech, mobile financial services, open banking, near instant cross-border payments and blockchain have created fertile ground for unscrupulous individuals to exploit the system. VerifyMe has displayed excellent creativity and innovation in helping their clients evolve amidst complex regulatory requirements across the global financial services industry.
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“The company’s solution removes guesswork and fragmented task delegation out of the due diligence and compliance process with regards to different entity types, mandated documentation, data fields, questionnaires and checklists. Equally important for the Awards Review Committee, VerifyMe has been very proactive in public education about the importance of KYC at various fora, media channels and events,” he added.
Receiving the award on behalf of the company, Sarah Essien, Chief Operating Officer, VerifyMe Nigeria, said: “We are thrilled to receive this recognition for the crucial role we are playing in advancing the Nigerian digital identity and consumer insights sector. It takes a committed team to build a successful brand and we couldn’t have done this without our amazing team, partners and customers, some of whom have already won tonight and I’m sure more will win. This one is for the VerifyMe family.
“This is another milestone for us and reinforces our commitment to growing Africa’s trust economy by connecting businesses to trusted identities and critical consumer data in order to help them scale in a sustainable, safe and secure manner.”
Femson Adeyeye, Chief Technical Officer, VerifyMe Nigeria, noted that the recognition was a stepping stone to bigger accomplishments and a motivation to exceed expectations.
He said: “As a leader in tech, it’s a great honour to be recognised for the innovation and hard work that goes on at VerifyMe. We have recently extended our brand footprints by launching into Ghana as QoreID, a B2B company dedicated to helping businesses meet regulatory verification requirements, improve customer experience and drive market growth. We will continue to work hard to roll out unique products that enable a simple, convenient and wholesome financial services experience for our customers and the markets they serve.”
VerifyMe is a leading African tech startup leveraging practical technology to solve Africa’s problems. The company was voted a Notable Ecosystem Champion in Nigeria in the StartupBlink Global Startup Ecosystem Index Report 2021. VerifyMe provides over 60 percent of legacy banks and 90 percent of digital banks in the country with trust-based digital identity and consumer data solutions.
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