Hadi Finance is transforming the informal market landscape across Africa, starting in Northern Nigeria, with an innovative tech-enabled platform. Focused on optimizing the supply chain for fast-moving consumer goods (FMCG), Hadi’s end-to-end system disintermediates the traditional value chain, enhances logistics for more efficient service delivery, and provides seamless business solutions for informal retailers.
As a B2B platform, Hadi Finance directly connects informal retailers with manufacturers, allowing them to restock essential products with ease. Alongside this, the platform offers critical financial services, including credit and insurance, to create a holistic solution for business owners in underserved markets.
The Challenge
Despite being the backbone of Africa’s GDP, the informal sector remains financially underserved. Limited transaction transparency has left many businesses without access to crucial financial services like credit and insurance. Saeed and his team stepped up to address these challenges, offering a flexible retail experience that equips business owners with the tools to thrive.
However, tackling big issues comes with great responsibility. To ensure that retailers using their credit facilities are legitimate and meet necessary requirements—while staying safe from online fraud—Hadi Finance needs a swift, secure, comprehensive, and simplified onboarding process that delivers exceptional, real-time results.
The Solution
To address the unique challenges of onboarding users and ensuring the credibility of transactions, Hadi Finance partnered with Identitypass by Prembly, a leader in verification and compliance infrastructure. Identitypass offers a range of solutions, including data and document verification capabilities that are essential for Hadi Finance’s customer base, where traditional financial records may be unavailable or incomplete.
- Data Verification Across Africa: Identitypass’s API verifies hundreds of identity data fields across multiple African countries, utilizing AI-powered intelligence to streamline the verification process. This not only speeds up onboarding for Hadi’s users but also enhances trust between retailers and manufacturers.
- Document Verification: By integrating Identitypass’s document verification API, Hadi can quickly and efficiently confirm the validity of user documents, helping to safeguard the platform from fraudulent activities. This feature is critical for protecting both manufacturers and retailers as they conduct business on the platform.
- Business Verification: Identitypass also offers an API for verifying businesses, ensuring that all partners on the platform are legitimate. This process provides lenders with quality data, enabling them to make informed decisions when offering credit services to informal retailers.
The Results
With Identitypass integrated into its operations, Hadi Finance has drastically improved its onboarding experience, creating a more transparent and efficient process for retailers and manufacturers. By offering “buy now, pay later” options, Hadi is making it easier for retailers to access products without immediate financial strain, thereby increasing financial inclusion within the informal market.
Moreover, the platform’s use of Identitypass ensures that all transactions are secure and verifiable, reducing the risk of fraud and boosting confidence in the system. Hadi Finance’s solution is not only improving distribution channels but also providing valuable data to lenders, who can now offer financial services to previously underserved markets with greater assurance.
Hadi Finance is on a mission to revolutionize Africa’s informal markets. By addressing key pain points such as inefficient distribution, lack of financial services, and the complexities of customer onboarding, the platform is positioned to empower retailers across the continent. As the company continues to expand, the combination of technology and financial services will play a crucial role in its success, offering scalable solutions for informal retailers, a simplified onboarding process, and contributing to the overall growth of the African economy.
About Identitypass
Identitypass is a global leader in verification, compliance, and security infrastructure, offering businesses the ability to verify customers, gain deeper insights, and prevent fraud using AI-powered technology. With services across emerging markets, Identitypass supports businesses in sectors such as fintech, insurance, e-commerce, and more, providing a seamless and simplified onboarding process.
By partnering with Hadi Finance, Identitypass is helping to create a safer, more transparent business environment for Africa’s informal market, driving both innovation and financial inclusion.
Get started with Identitypass here.
