Mobile issues and sub-par KYC solutions often impact ID verification in Africa
Chipper Cash, a cross-border payments app, has launched Chipper ID, an AI-powered verification service.
The service has been designed, by the California-headquartered fintech, to improve customer onboarding and tackle compliance issues in the African market.
It uses AI for ID verification to iron out KYC issues and streamline customer onboarding in Africa, the US and Europe.
Mobile issues and sub-par KYC solutions often impact ID verification in Africa, Chipper Cash said.
The new suite consists of five core product areas. First, a system that detects authentic users. Second, facial recognition. Third, document verification. Fourth, a screening system and a screening bot. And lastly, a portal hub for centralised and streamlined compliance management.
Ham Serunjogi, chief executive officer and co-founder of Chipper Cash, said Chipper ID has been introduced for businesses serving the African market.
He explained: “Chipper ID has been designed specifically to address the unique challenges faced in Africa, providing a secure and trusted solution that is tailor made for businesses operating across the continent.”
Serunjogi believes Africa has had “lacklustre solutions” for verification, due to many tools being built for the Western world.
He added: “Faced with these challenges, we began to put in place the foundation blocks for Chipper ID—a product we now use ourselves within our own business and one that has saved us millions of dollars, reduced fraud, and yielded better results across onboarding and verification.
“KYC checks play a vital role in the onboarding process for new customers and represents one of the biggest challenges that financially regulated companies face. This is why our team of in-house experts has taken a stringent verification focus with Chipper ID to deliver a trusted tool purpose-built for the continent.”
Image: Chipper Cash