Nigeria financial inclusion

The Central Bank of Nigeria (CBN) has opened the doors to the under-banked Nigerian populace through the creation of a tiered bank account system for financial institutions. The most controversial is the Lower Level Account, which enables those without identification the ability to open a bank account and engage in the formal economy. “The policy will have positive impact in the financial market by making account opening and operation more attractive and appealing to the masses in view of its simpler nature and the fewer requirements involved.” Says Obot Udofia, Deputy Director at the CBN.

While limited, this financial inclusion will give 46% of Nigeria’s population access to banking however; the lack of verification has created concerns among banks and regulators that it may enable money laundering and financial terrorism. These concerns could usher in a new form of ID verification: Cyber, for governments and institution looking for an efficient and viable solution.

Cyber verification analyzes an individual’s online footprint to verify the authenticity of the identity. In Nigeria, the most recent statistics show that 33% of the population has access to the Internet therefore enabling a low-friction form of verification to be available for one-third of Nigerian citizens. This layer of authentication will mitigate fraud and act as a foundation for the establishment of a person’s identity.

Trulioo is a leader and pioneer in cyber verification and is focusing it’s efforts on emerging markets, like Nigeria, where mobile and Internet uptake is on a steady growth curve. “Enabling inclusion for developing countries into the world marketplace is vital to lifting people out of poverty and growing the global economy,” says Stephen Ufford, CEO of Trulioo. “Cyber identity verification is the starting point to do that as it utilizes innovative technology that already exists within the country’s social and technical infrastructure.”

To find out more about Trulioo’s online identity verification services, click here.