Fintech Security

VerifyMe picks up ISO certification to build confidence in security of digital ID data

VerifyMe Nigeria has qualified for two different ISO certifications for cybersecurity and safe management of sensitive data like biometrics, The Guardian Nigeria reports.

The firm was awarded ISO 9001:2015 certification for managing system quality, and ISO/IEC 27001:2013 for information security management. The assessment was carried out by QFS Management System partner Tapton Certification Services.

“For us, it was important to go beyond compliance to getting our ISO 27001 and ISO 9001 certifications as part of our continued commitment towards operational and customer service quality,” says VerifyMe CEO and Co-founder Esigie Aguele.

Aguele also says the company plans to obtain further certifications to build customer confidence in the security of the data it collects for digital identity verification and customer analytics.

VerifyMe has won ‘RegTech Company of the Year,’ meanwhile, at BusinessDay Media’s 2022 Banks and Other Financial Institution (BAFI) awards.

BusinessDay Publisher Frank Aigbogun says the award recognizes VerifyMe’s market leadership in KYC, AML and Customer Due Diligence (CDD) solutions in sub-Saharan Africa.

“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,” explains Aigbogun. “VerifyMe has displayed excellent creativity and innovation in helping their clients evolve amidst complex regulatory requirements across the global financial services industry.”

VerifyMe COO Sarah Essien credited the company’s staff for its successes in advancing the availability of digital identity and consumer insights in Nigeria.

QoreID VP emphasizes need for KYC in Web3

A webinar hosted by TechCabal and sponsored by QoreID explored the role of KYC in Africa’s adoption of Web3 and decentralized finance (DeFi) technologies. The discussion was part of the ‘Inside Identity’ webinar series, formerly known as ‘Digital Identity Matters.’

QoreID VP of Products and Data Strategy Jide Ogunjobi joined several executives representing African fintechs on the panel. Ogunjobi argues that Web3 technologies can act as an accelerant for businesses and consumers in developing countries to perform online transactions efficiently. That efficiency, however, must be backed by robust KYC, to ensure those transactions are legitimate and secure.

That will mean more adoption of innovative methods of carrying out KYC checks.

Ogunjobi also discussed the limits of trustless and permissionless systems, suggesting that “it’s going to be a mix of somewhere in the middle.” The business does not necessarily need to know exactly who it is working with, but it must be assured that someone has verified the customer’s identity.

Panelists urged governments to create the regulatory environments to help deliver financial services access to underserved Africans.

VerifyMe launched QoreID to serve businesses in Africa last year.

Article Topics

biometrics  |  certification  |  digital identity  |  ISO standards  |  KYC  |  VerifyMe Nigeria  |  web3

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