The ever-increasing abundance of fintech services in the African Market has only created a problem that must be solved. The problem is a fraud, and it is because of this that Smile Identity has acquired Inclusive Innovation, the founding company of Appruve.
Smile Identity is an African-based Verification and digital KYC service provider. In comparison, Appruve is the developer of identity verification software. Appruve provides an API that verifies user identity while complementing conventional government data.
Due to this acquisition, Smile Identity can access localized data sets previously left out of the KYC space and fraud prevention. Data like fraud data from global money financial statements and block list data from several banks and fintech are part of what Smile can access.
Smile Identity’s influence will gain a significant hold across Africa through this expansion, covering more grounds and reaching over a billion Africans, including the African diaspora—the millions of African businesses scattered across the continent. Over 230 documents and data types with integration options for each device and operating system in Africa may be part of their target market.
Previously Smile Identity had just marked 60 million certifications while Appruve marked 100,000 verification monthly, and now Smile has the leverage it needs to break into the Francophone market and Uganda.
Smile Identity product roadmap will add depth by adding mobile money data, fraud data, data query against National ID Systems, PEP screening checks, global and local KYB business verification data, and AML.
As the movement of goods continues to span across and within the continent, Smile Identity hopes to become the bridge that builds trust among African businesses in the future.
This partnership aims to decrease fraudulent activities even with the increasing usage of digital wallets, mobile money services, and banking apps. Both companies are doing their most to maintain and achieve the proper licensing regimes and data protection policies to safeguard consumers’ data.
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