Indigenous Firm Develops New Digital ID, Analytics Tool For Businesses

Leading identity verification and e-KYC technology company, VerifyMe Nigeria, has unveiled QoreID, a dedicated digital identity, and analytics solution for business-to-business (B2B).

QoreID will provide application programme interface (API) infrastructure and data services that connect businesses to people and their information across Africa and remain a VerifyMe Nigeria company.

Targeted at the medium and enterprise business segment, QoreID provides a suite of secure verification and authentication solutions that connect businesses to trusted identities and critical consumer analytics such as alternative credit scoring for the unbanked and much more.

The platform is built to help power sustainable growth within the emerging consumer credit and open finance markets, building products that help Fintechs get access to compliant customer information. It will be supported by local and global best practices for security and compliance, making transactions less vulnerable to fraud, errors, and other risks.

The co-founder and chief executive officer of VerifyMe, Esigie Aguele, speaking on the launchstated that QoreID is positioned to transform businesses across Africa and drive growth within key markets by making customer acquisition faster, more affordable, and more efficient.

Aguele said: “QoreID is simply data infrastructure you can trust to build your business or products on. Many medium to large-scale companies spend valuable time and resources verifying customer information for KYC or approving them for credit or other services. This slows down their business development efforts and may result in several lost opportunities. It also increases the risk of insider abuses.

“With QoreID, businesses seeking to drive growth within key markets and enhance their overall customer experience can simply use our secure API hub or SDKs to meet their business or regulatory requirements.”

Additionally, Aguele disclosed that the company had completed plans to extend its footprints across Africa, beginning with Ghana. He said: “Right from inception, we have been driven by a clear vision to grow Africa’s trust economy. Reinforced by the successes we have recorded in Nigeria, the continent’s most competitive market, we believe the time is right to spread out to other markets within the sub-region.

“This decision was not taken in isolation. As businesses continue to interconnect across the continent, customers who have experienced the superiority of our service offerings have also expressed the desire to have us support their businesses as they grow across the continent.

“We will be launching QoreID in Ghana within the next few weeks, and plans are also underway to open up in more markets both within the continent and beyond,” he added. “We are going beyond just providing a singular access point to verify Africans to building products for their cultural uniqueness. We believe this translates into profiling, allowing our customers to take advantage of underserved segments like unbanked Nigerians who are an informal economic force.”

Voted as a Notable Ecosystem Champion in Nigeria by StartupBlink, VerifyMe is trusted by over 55 per cent of commercial banks, 90 per cent of digital banks, 50 per cent of the top 15 insurance companies, and over 50 top credit lenders in Nigeria.