It is encouraging to see financial services move to digital platforms; Nigeria currently has over 200 Fin-tech companies. With this significant expansion and growth in the Fin-tech space, it is expedient to be aware of Identity Verification. Financial institutions operate in a corporate environment with strict regulations and compliance requirements designed to protect themselves and their clients against the threat of identity fraud and other financial crimes. The recent surge in remote and digital banking has ushered in a new wave of cybersecurity and identity fraud issues for consumers and financial institutions. As Fin-techs are more geared towards financial inclusion for all, identity theft threatens the security of these companies and their customers.
As identity theft increased 53% from 2019 to 2020 and continues to increase in 2021, we must be able to verify the sources. Having a scalable identity verification method helps online financial institutions do just that. Providers of online identity verification solutions, like Identitypass, can confirm the identity of anyone online, without physical interaction, in less than a minute.
This article summarizes how Page Financials is being enabled to fast-track its business engagements and doing so safely through identity verification solutions.
About Page Financials
Page Financials is an innovative retail finance institution (Licensed by the Central Bank of Nigeria) offering outstanding products and services to suit the financial requirements of a diverse clientele. Having commenced business in 2014, Page Financials have since successfully delivered retail financial services to its customers. Page Financials makes it easy for applicants to request loans up to 5 million nairas within 3 hours and make refunds between 3 to 12 months.
Page Financials continuously strives to understand Africa’s needs for the provision of efficient financial solutions or opportunities for the customers/stakeholder and with a vision to remain the leading technologically innovative retail financial institution in Lagos.
How does Identitypass Help?
Owning an online retail financial institution such as Page Financials makes your services accessible to many people. This means clients with real identities and those with fake ones can easily access loan services from the comfort of their room through internet-enabled devices. The question is, “how do you differentiate real clients from someone impersonating another?”. Verifying digital identity is one of the essential safety measures for any institution, especially those in the financial services industry, as well as helping them stay ahead of related regulations such as KYC, AML, and CIP. Manually tracking all the documents of a loan applicant is a tedious task with a risk of scams and online fraud for the institution if the handling of the papers is not done correctly.
By integrating with Identitypass, Page Financials can automatically process and track loan applicants’ outstanding documents, confirming that a client is who they claim to be by digitally and seamlessly verifying the necessary documents for a loan application. This way, they can know if the loan will be repayable at the appointed time and prevent the business from bankruptcy and customer ID thefts.
The benefit of implementing ID verifications is in two ways, helping both Page Financials and its applicants. The customers/applicants are safe from ID thefts, while the business is protected from incidences of financial theft and online scams, boosting customer experience. In the long run, both Page financials and their applicants have smooth business engagements without the fear of the internet “bad guys”.
We recognize the importance of identity verification to the financial sector. With the introduction of ID verification solutions based on Artificial Intelligence and Machine Learning, online identity verification can be fast, highly accurate, and smoother than ever.
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Identitypass’s leading identity verification solutions power the identity verification systems of various businesses from different sectors and sizes, including some of the top largest fintech companies in Nigeria. To learn more about how Identitypass can change the way you do business, schedule a demo or contact our team now.
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