Consumer data, bedrock of Africa’s emerging open finance system - Essien

Access to credible consumer data has been identified as a critical layer that will enable a viable open finance system in Africa.

According to Sarah Essien, Chief Operating Officer of VerifyMe Nigeria, a digital identity and Know-Your-Customer (KYC) technology company with head office in Lagos, the quest for a sustainable open finance economy in Africa can only be actualised when financial institutions can readily connect to credible consumer data that helps them better understand the different customer segments in order to build products that meet their specific needs.

Essien, who was speaking on the sidelines of the just concluded 6th edition of the African Fintech Summit held in Cape Town, South Africa, said: “As the continent continues to ramp up efforts to open the financial space to the estimated 57 percent of Africans who are currently locked out, collaborative, conscientious and deliberate efforts must be made towards creating an environment where these populations feel represented, safe and secure enough to remain within the system.”

Illustrating with QoreID, the company’s recently launched B2B infrastructure that connects medium and large businesses to trusted identities and consumer data, Essien noted that in addition to making customer onboarding quicker, more efficient and affordable, companies on the platform can access real-time KYC data, income and credit profiles, digital addressing solutions, among others, that make transactions less vulnerable to errors and fraud.

She said: “We are excited about the prospects of QoreID in transforming businesses across Africa and helping them drive growth within new markets. QoreID’s robust trust-based infrastructure is not only helping businesses know who their customers are but is also giving them credible insights into what they are so they can deliver fit-for-purpose solutions to the market.”