Africa (Commonwealth) _ With the release of its Non-Document Verification solution, Sumsub has made it possible for its clients to connect with over 350 million prospective consumers in South Africa, Nigeria, Kenya, and Ghana. With this launch, Sumsub becomes the first company in Africa to provide document-free verification, assisting businesses in adhering to KYC/AML standards, eradicating identity fraud, and seamlessly onboarding consumers.
Non-Doc Verification is designed for companies in the regulated and unregulated industries, such as fintech, gambling, e-commerce, mobility, cryptocurrency, social media, and telecommunications. Sumsub’s clients have witnessed a 44% boost in pass rates, averaging 96.5%, with user verification taking less than 5 seconds.
As the pioneer in Africa, Sumsub offers companies a single-platform KYC/AML solution that combines compliance, anti-fraud, and user onboarding, and is truly worldwide. First introduced in 2022, Non-Doc Verification allows users in the area to join up right away without having to scan any papers. Their national identifying number, which may be found on an ID, passport, driver’s license, voter card, etc., is all that is required.
Users could also be required to complete Sumsub’s face recognition check, which compares their biometric information with an official record photo, depending on the identity reference they have given. Sumsub uses banking and government sources to provide this blazingly quick verification process.
Concerns about identity fraud are becoming more widespread among Middle Eastern and African (MEA) citizens and enterprises. The rate of identity fraud in Ghana increased from 2022 to 2023 by more than twice (from 0.64% to 1.74% of all verification tests), according to the Sumsub Identity Fraud Report 2023. Nigeria and Kenya, with respective fraud rates of 2.95% and 3.20%, were two of the top three MEA nations.
The average yearly rise in AI-driven deepfakes in the region is 450%. Leading the pack are Nigeria, up 700%, and South Africa, up 1200%; together, these two nations are responsible for 31% of all assaults in the area.
Africa is confronted with a number of urgent issues, including a significant risk of noncompliance and money laundering that might cause enormous financial losses. Africa is thought to lose $50 billion a year to money laundering, according to the Economic and Financial Crimes Commission (EFCC), while South Africa and Nigeria were added to the European Commission’s list of high-risk third-country jurisdictions in 2023.
Standard know-your-customer (KYC) processes are said to be expensive, and users frequently supply extremely low-quality papers for onboarding, which exacerbates the challenges faced by businesses in Africa. Not to mention the heightened danger of identity fraud leading to higher regulatory attention, the impact on user conversion in a competitive market where user experience is critical can result in significant losses.
For businesses operating in the region, Non-Doc Verification, which is presently available in various African countries, offers numerous advantages. According to Hannes Bezuidenhout, VP of Sales for Africa at Sumsub, it ensures AML compliance and robust fraud protection in regulated businesses like banking, payments, or cryptocurrencies.
Because document-free verification expedites the onboarding process, it lowers user drop-off rates and increases conversion rates for unregulated companies like social media platforms and marketplaces. Both regulated and non-regulated organizations may benefit from document-free verification, which includes reduced operational onboarding costs and faster service access.
With Non-Doc Verification now accessible in many African nations, companies in the area can benefit greatly. According to Hansen Bezuidenhout, VP of Sales for Africa at Sumsub, “it ensures AML compliance and robust fraud prevention in regulated sectors, such as banking, payments, or cryptocurrency.
Because zero document verification expedites the onboarding process, it lowers user drop-off rates and increases conversion rates for unregulated businesses like social media platforms and marketplaces. Both regulated and non-regulated organizations may benefit from document-free verification, which includes reduced operational onboarding costs and faster service access.
