VerifyMe Nigeria, a Lagos-based digital identity and eKYC technology company in partnership with a global consulting firm, Dalberg Advisors, has announced the release of the first independent assessment of Nigeria’s digital identity and KYC industry report titled — “Digital ID in Nigeria: State of the Industry.”
“A shift towards digital identities could add an estimated 7% in real GDP to the Nigerian economy by 2030.” — is one of the findings in the 33-page report, which contributors include — Aliyu Abubakar Aziz, Director General, National Identity Management Commission (NIMC), digital identity companies in Nigeria and other ancillary stakeholders within the industry.
According to the report, in the second quarter of 2021, the digital economy (information technology sector) generated around 18% of the Country’s GDP. This comes on the heels of a government drive to promote a digital transformation plan in Africa’s largest economy, to improve social and financial inclusion, economic development, and transaction transparency.
What VerifyMe Nigeria Digital Identity Report Provides
Commenting on the report, Esigie Aguele, Co-founder and Chief Executive Officer at VerifyMe, said: “As an identity and KYC company that is helping to solve the problem of financial inclusion, we see the digital identity space not just as a business but as a critical aspect of sustainable development and financial inclusion in Nigeria and Africa.
“We see the partnership with Dalberg Advisors, a leading impact advisory group that brings together strategy consulting, design thinking, big analytics, and research to address complex social and environmental challenges, as critical. Not only does the Digital ID in Nigeria: State of the Industry Report provide a comprehensive snapshot of the Nigerian digital identify ecosystem, but we also believe it will promote standardisation and build capacity and collaboration within the Nigerian industry,” Esigie added.
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Robin Miller, the Partner and Global Digital & Data Practice Lead at Dalberg Advisors, also reported that — “Digital identity has the potential to drive greater social and financial inclusion around the world, but especially in countries such as Nigeria which are digitizing and innovating rapidly.”
“Our hope for this report is that it results in a greater understanding of the state of the industry in Nigeria today, but also the steps necessary to ensure that digital IDs live up to their promise of driving truly inclusive growth”, he further added.
The possibilities of digital identity, the challenges of uptake in Nigeria, and recommendations to enhance the digital identity system in Nigeria are among the topics explored in the report. Used cases from the financial services, eCommerce, and government sectors are also included.