• Latest
  • Trending
Consumer Data, Bedrock Of Africa’s Emerging Open Finance System

Consumer Data, Bedrock Of Africa’s Emerging Open Finance System

November 18, 2022
MSport 2025

MSport 2025: Nigeria’s #1 Sports Betting Site, Powered by Chelsea & BVB

September 25, 2025
MNT-Halan introduces Egypt’s first secure lending solution via Halan App

MNT-Halan introduces Egypt’s first secure lending solution via Halan App

September 25, 2025
Visa, intella partner to boost MENA’s financial institutions with Arabic conversational AI

Visa, intella partner to boost MENA’s financial institutions with Arabic conversational AI

September 25, 2025
Airtel Africa invests in education with 100 scholarships and new tech hubs

Airtel Africa invests in education with 100 scholarships and new tech hubs

September 25, 2025
SINOTRUK enters Libya with Aseel Auto as exclusive distributor in Benghazi

SINOTRUK enters Libya with Aseel Auto as exclusive distributor in Benghazi

September 25, 2025
Tango Brook launches digital card for fuel management

Tango Brook launches digital card for fuel management

September 25, 2025
AI in Nigeria announces 3rd edition of InnovationAI

AI in Nigeria announces 3rd edition of InnovationAI

September 25, 2025
Interswitch Unveils Quickteller Travel to Transform African Travel Experience

Interswitch Unveils Quickteller Travel to Transform African Travel Experience

September 25, 2025
Alibaba, Nvidia collaborate to expedite humanoid robot development

Alibaba, Nvidia collaborate to expedite humanoid robot development

September 25, 2025
OpenAI expands $500 Stargate AI initiative in partnership with Oracle and SoftBank

OpenAI expands $500 Stargate AI initiative in partnership with Oracle and SoftBank

September 25, 2025
Your one-stop tech hub! Get the latest updates on AI, cybersecurity, fintech, and emerging technologies.
  • Tech News
    • Africa Tech
    • Global Tech
    • Tech with Pelumy
    • Tech Careers
    • Tech TV
    • General News
    • How To
    • Reviews
  • Cryptocurrency
  • Fintech
  • Startups
  • Ai
No Result
View All Result
  • Tech News
    • Africa Tech
    • Global Tech
    • Tech with Pelumy
    • Tech Careers
    • Tech TV
    • General News
    • How To
    • Reviews
  • Cryptocurrency
  • Fintech
  • Startups
  • Ai
No Result
View All Result
Techpression
No Result
View All Result
Home Tech News Africa Tech News

Consumer Data, Bedrock Of Africa’s Emerging Open Finance System

Felicia Akindurodoye by Felicia Akindurodoye
November 18, 2022
147 3
0
Consumer Data, Bedrock Of Africa’s Emerging Open Finance System
465
SHARES
Share on FacebookShare on TwitterWhatsAppTelegram

A sustainable open finance economy in Africa can only be achieved with a workable open financial system with reliable consumer data, according to Sarah Essien, Chief Operating Officer of VerifyMe Nigeria, a company with headquarters in Lagos that specializes in digital identity and Know-Your-Customer (KYC). In order for financial institutions to develop products specifically tailored to meet the needs of different customer segments, they need to be able to connect to reliable consumer data for efficient production easily.

Essien, who was speaking outside the sixth African Fintech Summit, which just ended in Cape Town, South Africa, said,  “as the continent continues to ramp up efforts to open the financial space to the estimated 57 per cent 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.”

A recent B2B infrastructure launch by the company, QoreID, serves as an illustration. It links medium and large businesses to reliable identities and consumer data.

Essien pointed out that companies using the platform could access real-time KYC data, income, and credit profiles, and digital addressing solutions, among other things, that lessen the risk of errors and fraud in transactions in addition to making customer onboarding quicker, more effective, and more reasonably priced making their business operations better

RelatedPosts

No Content Available

“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,”  She stated.

Read also: VerifyMe debuts QoreID in Ghana
Solution For Consumer Data

Solutions include automated last-mile for fintech, digital addressing, real-time identity verification, company verification, financial profiling, fraud protection, and many more.

Additional services include alternative credit analytics, income and statement confirmation, market data, real-time vehicle confirmation, asset confirmation, and identity identification.

Many international organizations have switched to QoreID’s secure API hub and Software Development Kits (SDK) to meet their business and regulatory requirements since the platform launched in Nigeria and Ghana in September of this year.

VerifyMe is presently a dominant force in the West-African subregion and has been chosen by StartupBlink as a Notable Ecosystem Champion in Nigeria. Currently, more than 55% of commercial banks, 90% of digital banks, 50% of the top 15 insurance providers, and more than 50% of the top credit lenders In Nigeria rely on its products.

In the upcoming months, QoreID will be introduced in additional markets on the continent.

VerifyMe Releases Nigeria’s 1st Digital ID and KYC Industry Report

Expanding Africa Financial Systems

In order to evaluate access to formal financial services and to explore policies that help transform the unbankable population into the bankable population and the bankable population into the banked population, the concept of an access possibilities frontier is proposed.

 Four components of the access agenda must be addressed. 1. The function of various financial service providers and the significance of competition in easing supply-side restrictions. 2. The requirement to improve the level of financial literacy among consumers and providers of financial services. 3. The potential and difficulties of using technology to increase access. In this setting, a new transaction-led strategy for financial inclusion may be more effective in Africa than a credit- or savings-focused strategy.

It is also considered how governments might promote competition and institutional growth to increase coverage. The final section of the chapter provides an overview of several industries, including the continued issues with rural and agricultural loans as well as the difficulties with financing small and medium-sized businesses.

Tags: Consumer data
Felicia Akindurodoye

Felicia Akindurodoye

Felicia Akindurodoye is an experienced writer and researcher, whose watchword is originality.

No Result
View All Result

Quick Links

  • Tech News
  • Cryptocurrency
  • Fintech
  • Startups
  • Business

Follow Us:

  • facebook
  • instagram
  • Twitter(X)
  • Linkedin
  • YouTube
  • About
  • Advertise
  • Privacy & Policy
  • Contact

© 2025 Techpression.com -Techpression Media Limited

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

We are using cookies to give you the best experience on our website.

You can find out more about which cookies we are using or switch them off in .

No Result
View All Result
  • Home
  • Tech News
    • Africa Tech
    • Global Tech
    • Tech with Pelumy
    • Tech Careers
    • Reviews
    • How To
    • General News
  • Cryptocurrency
  • Business
  • Fintech
  • Startups
  • Featured
  • Ai
  • Tech TV

© 2025 Techpression.com -Techpression Media Limited

techpression.com
Powered by  GDPR Cookie Compliance
Privacy Overview

This website uses cookies so that we can provide you with the best user experience possible. Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping our team to understand which sections of the website you find most interesting and useful.

Strictly Necessary Cookies

Strictly Necessary Cookie should be enabled at all times so that we can save your preferences for cookie settings.

3rd Party Cookies

This website uses Google Analytics to collect anonymous information such as the number of visitors to the site, and the most popular pages.

Keeping this cookie enabled helps us to improve our website.