Press Release
Sumsub Achieves Full Compliance Across African Jurisdictions in Independent FINTRAIL Audit
Sumsub co-founder and CTO, Vyacheslav Zholudev (Image: Supplied)
FINTRAIL, a UK-based consultancy helping companies manage their exposure to financial crime risk & maintain regulatory compliance, examined Sumsub’s Non-Doc Identity Verification solution and reviewed respective legislation, asserting full regulatory compliance of document-free identity verification in 18 jurisdictions. Based on the audit’s findings and internal expertise, Sumsub shares a free guide to non-documentary verification.
“FINTRAIL has conducted a regulatory-led audit of Sumsub’s non-documentary identity verification product, and has reviewed local regulation and guidance in the markets where non-documentary identity verification is permissible to confirm solutions deployed by Sumsub are compliant with local regulations and guidance” – FINTRAIL writes in their report.
Non-documentary identity verification, or Non-Doc, enables verifying customer identities without requesting their IDs. Instead, a person only needs to type their document number and undergo a quick liveness check. While this relatively new practice is gaining popularity among both client firms and verification vendors, Non-Doc has already proved to be a compliant KYC method in many African jurisdictions and showcases Sumsub’s ability to seamlessly navigate the often complex regulatory environments each jurisdiction poses.
Other key benefits of document-free VS document-based verification include:
- Faster and more convenient user onboarding: verification time is reduced from 30 seconds to 4.5 seconds on average;
- As a result, companies see +35% growth in customer pass rates (with as high as x2 increase in some cases);
- Opportunities for business growth and scaling to emerging markets thanks to over 95% population coverage in each country;
- Enhanced productivity and simplified case management with automated user data extraction and immediate updates, resulting in 53% reduction in verification processing time.
Sumsub’s Non-Doc Verification works in 13 countries (including Argentina, Brazil, India, the UK, Nigeria, South Africa, Kenya and the US), with 10 more to be added in the near future (such as Australia, Canada, Hong Kong, the UAE). The solution has been tested by FINTRAIL based on two main criteria: regulatory compliance in each jurisdiction (AML/CTF legislation, crypto and trading regulatory guidelines along with other industrial requirements), and technical effectiveness (whether technical processes like identity data authentication or bank credentials checks are conducted in accordance with local regulatory conditions). Additionally, FINTRAIL considered if document-free verification is permissible in each country.
Sumsub’s product has proved its reliability and full regulatory compliance of the existing or proposed solution in 18 jurisdictions, receiving the highest product scores for those of them where the Non-Doc solution is currently working. The full audit report includes detailed findings on each country.
“FINTRAIL has conducted a regulatory-led audit of Sumsub’s non-documentary identity verification product, and has confirmed at the time of the review in South Africa, Nigeria and Kenya that non-documentary identity verification is permissible and the solution deployed by Sumsub is compliant with local regulations and guidance“.
“We believe that Non-Doc will soon become the new golden standard for user onboarding globally, as it guarantees exceptional user experience while being fully compliant to local regulations. Sumsub is currently providing Non-Doc Verification solution for the highest number of jurisdictions, and our team will continue to find the best ways to make this innovation available for thousands of businesses and billions of people in Africa and around the world,” comments Vyacheslav Zholudev, co-founder and CTO at Sumsub.
To access Sumsub’s free guide on Non-Doc Verification, please visit: https://sumsub.com/guides-reports/non-doc-verification-compliance-guide/
ATIDI CEO, Manuel Moses and Hiroshi Matano, MIGA Executive Vice President (Image: Supplied)
The African Trade & Investment Development Insurance (ATIDI), and the Multilateral Investment Guarantee Agency (MIGA), part of World Bank Group Guarantees, have signed a three-year partnership to accelerate foreign direct investment across Africa. This is the second agreement between the two organizations aimed at maximising development impact.
The organizations will collaborate by leveraging ATIDI’s expertise in insurance and guarantee products across the African continent and MIGA’s range of guarantee solutions and guarantee expertise through the World Bank Group guarantee platform. The partnership will also seek to improve efficiency in joint project due diligence, maximising cost savings and eliminating duplication.
Manuel Moses, CEO, ATIDI: “Enabling more investment to finance transformational projects is vital to Africa’s sustained development. MIGA and ATIDI’s de-risking solutions are essential to achieve this crucial agenda. Beyond signing of this agreement, we look forward to a dynamic collaboration with MIGA, to leverage our institutions’ respective assets for the benefit of our continent.”
The agreement framework emphasizes mutual reliance, accountability, and comparability. Each party will regularly share operating standards and procedures to help identify comparable outcomes to further both organizations’ development mandates.
Hiroshi Matano, MIGA Executive Vice President says; “Our partnership with ATIDI will enable us to support countries in Africa in scaling and replicating development projects, thereby accelerating prosperity. This agreement will play a significant role in helping the continent attract foreign investment for key development projects.”
Both organizations have agreed to set up mechanisms to measure progress and results, including reports on joint projects, new products, capital mobilized, and reduced project processing times. Moreover, both parties will carry out joint marketing efforts, training, and seminars to strengthen cooperation and explore new investment opportunities in Africa.
The strategic agreement framework underscores the commitment of MIGA and ATIDI to create a world free of poverty on a livable planet. The two organizations aim to mitigate investment risks by pooling resources, thereby accelerating sustainable economic growth in Africa.
Lendsqr, a global provider of loan management software for banks, microfinance institutions (MFIs), and digital lenders, has launched a groundbreaking onlending initiative aimed at bolstering the capacity of Nigerian lenders to extend credit to their customers.
With this new initiative, Lendsqr is setting up a capital pool of up to N1 billion line of credit for lenders targeted at Lenders with State Moneylender or Cooperative licenses, giving them the much-needed access to capital that can drive sustainable growth and expansion.
“For a long time, we believed that providing top-tier lending technology was enough to help lenders scale,” said Adedeji Olowe, CEO of Lendsqr. “But technology alone cannot scale a loan business without adequate capital. That’s why we decided to go a step further and solve this critical need.”
The onlending model is designed to support digital lenders who often face challenges accessing loan capital, allowing them to access credit at a reasonable rate. Through this initiative, Lendsqr aims to bridge the gap between technology and capital, ensuring lenders can meet the demand for loans while remaining competitive.
A new era of B2B2C lending
Lendsqr’s onlending initiative represents a strategic step forward in Nigeria’s lending ecosystem. With the ability to offer overdraft loans, the company enables smaller financial institutions to lend confidently, knowing they have a reliable source of capital backing them up. This move is expected to deepen financial inclusion, create a ripple effect on local economies, and ultimately support the development of a healthier financial services landscape in Nigeria.
Lendsqr now joins established onlending capital in Africa such as Lendable, the Nigerian Bank of Industry, and the African Finance Corporation, in providing capital to lenders to drive financial inclusion and much needed growth within the SME economic subsector.
Expanding access and opportunities
By providing loan capital directly to digital lenders, Lendsqr aims to empower lenders to reach more customers, serve new markets, and achieve more stable growth. The initiative not only addresses immediate funding gaps but also sets a foundation for long-term partnerships across the financial industry.
“We’re excited to be the catalyst for growth in Nigeria’s lending sector. Our onlending initiative isn’t just about providing capital. It’s about enabling a stronger and more inclusive financial ecosystem where every licensed lender, big or small, can thrive,” added Joy B. Bello, Head of Sales at Lendsqr.
Lendsqr’s onlending initiative is currently available exclusively to Nigerian lenders. Interested parties can learn more and apply at Lendsqr Capital Portal.
Qore has announced the successful approval to implement its indigenous core banking solution, BankOne, in Tanzania. This landmark achievement marks Qore’s debut implementation of BankOne in Tanzania, underscoring the company’s dedication to deploying disruptive fintech infrastructure that enhance financial inclusion, automate banking processes, and facilitate seamless payments.
The Tanzania Cooperative Development Commission (TCDC), which oversees over 2,500 Saccos, including several regional and national cooperatives, plays a pivotal role in ensuring the smooth operation and regulation of these entities. By collaborating closely with TCDC, Qore aims to empower Saccos to secure and grow their members’ funds with ease, while providing real-time, cloud-native banking experiences through BankOne. This collaboration is set to revolutionize the cooperative sector in Tanzania, driving financial inclusion and innovation at an unprecedented scale.
Qore’s solution is designed to support the unique needs of Saccos, offering features such as real-time transaction processing, comprehensive financial reporting, and robust security measures. By leveraging BankOne, Saccos will be able to streamline their operations, reduce costs, and enhance the overall member experience.
This implementation is a significant milestone for Qore as it continues its rapid international expansion. “The deployment of BankOne in Tanzania is a testament to our commitment to bringing innovative banking solutions to new markets,” said Timothy Ngao, Country Manager for Tanzania at Qore Technologies. “We are excited to support the financial growth and stability of cooperative societies in Tanzania, and we look forward to many more successful implementations in the region.”
The company is proud to be at the forefront of this transformation, supporting the development of sustainable and economically viable cooperative societies across Tanzania.
