Digital identity verification and Know-Your-Customer (KYC) technology company, VerifyMe Nigeria, has launched a new service that facilitates faster and more precise address verification.
Enabled by 4D GIS technology, the service will improve last-mile agent efficiency by pre-screening addresses based on cell tower and GPS positioning in real-time.
According to Brandon Wang, Chief Information Officer, VerifyMe, non-standardisation of addresses is a massive problem for businesses in Nigeria.
When instances of this issue are aggregated across industries, particularly finance and eCommerce, they translate to billions of naira in delayed or lost income as well as thousands of unfulfilled deliveries.
He said: “When we entered the market, we believed last-mile capacity to be the missing piece of the digital ID problem in Nigeria. However, our experience over the last three years has shown that to solve last-mile authentication, we need first to resolve ambiguous addressing.
“To illustrate this, about two months ago, one of our banking clients requested for 1,500 address verifications to be fulfilled in a week. We had to reject 1,000 of those requests due to vague or incomplete addresses supplied by loan applicants. This issue significantly slowed down the onboarding process and translated to a loss of potential revenue for our client and staff-hours for us. Not to mention that over a thousand people were not able to get access to credit in that week.
“This is why we are launching our 4D GIS address verification service into the Nigerian market. It will help our customers and agents use the improved accuracy to verify incomplete or vague addresses in real-time. The new service will also be available to integrate into existing workflows for our customers, so a company like Jumia will be able to integrate with our webhook to pinpoint the exact location of non-standard addresses,” he added.
In addition to using cell-tower and GPS positioning, the address verification service will be more user-inclusive by emphasising personal contributions to the verification process.
VerifyMe offers digital identification and verification-as-a-service for the financial sector and other industries. Over the last 3 years, the company has built Nigeria’s largest ID authentication network and developed the capacity to carry out thousands of address verifications per week through its tech-enabled network of last-mile agents across the country.