Smile ID, Africa's leading provider of identity verification and AML compliance solutions has launched the 2024 Nigeria eKYC Report, the first comprehensive report of its kind in the country. This report provides critical insights into Nigeria's advancements in identity verification, highlighting significant milestones and emerging trends in biometric and NIN-based verifications. Over the past two years, these advancements have solidified Nigeria's position as a leader in ID verification infrastructure across Africa.
In parallel, Smile ID proudly announces a major milestone: 200 million identity verification checks completed. This achievement comes just 11 months after hitting 100 million checks—a feat that took the previous seven years to accomplish.
Advancing eKYC Adoption and Digital Trust in Nigeria
The 2024 Nigeria eKYC Report highlights Nigeria’s remarkable progress in establishing secure and inclusive digital identity systems. Over the past two years, biometric and NIN-based verifications have gained widespread adoption, solidifying the country’s reputation as a leader in ID verification infrastructure across Africa.
“Our rapid growth from 100 million to 200 million verifications in less than a year underscores the increasing demand for secure and reliable identity verification across industries,” said Shile Owoka, Executive Director at Smile ID. “Our latest eKYC report highlights the pivotal role of biometric and NIN-based verifications in fostering trust, driving financial inclusion, and enabling business growth.
The report highlights the growing prominence of the NIN ID system as organisations increasingly transition away from other ID types for user verification, establishing NIN as the cornerstone of Nigeria's eKYC framework. It also explores the critical role of biometric verification in enhancing trust and security within Nigeria's digital economy.
“Nigeria's advancements in digital identity verification showcase the transformative impact of inclusive and innovative solutions. Our eKYC report highlights the growing trust in biometric and NIN-based verifications, empowering businesses to scale securely and efficiently. At Smile ID, we’re dedicated to sustaining this progress by delivering reliable, user-centric solutions that simplify KYC processes and unlock growth opportunities across different industries.” Peace Itimi, Director of Marketing at Smile ID added.
Key Findings from the Report:
- Biometric Verification Doubles: The use of biometric-based verification in Nigeria grew by 100%, demonstrating a strong shift toward secure, fraud-resistant identity checks.
- NIN-Based Verification Surges Over 80%: Verifications leveraging the National Identification Number (NIN) increased by 80%, highlighting its rising preference among individuals and organisations for user authentication.
And more…
As Nigeria continues to advance its digital infrastructure, the insights from Smile ID’s report provide critical benchmarks for policymakers, financial institutions, and other stakeholders. With a steadfast commitment to reliability, inclusion, and innovation, Nigeria is setting a regional standard for eKYC practices.
The 2024 Nigeria eKYC Report is now available for download here.
About Smile ID
Smile ID is Africa's leading digital KYC provider and was founded to solve the specific challenges faced by companies trying to onboard users in unique African conditions. They have built proprietary machine learning algorithms and a technology platform to cater for all skin tones, entry-level devices and users operating in low bandwidth environments.
Smile ID prides itself on striking the right balance between stopping fraudulent transactions and reducing onboarding friction and has enabled some of the fastest-growing businesses across Africa to onboard at scale. Their client base includes Flutterwave, Fairmoney, Binance, Uber, Bolt, Kuda Bank, Opay, Paystack, Luno, Yellowcard, and hundreds more.
Want to see how they can help your business? Speak to a Smile ID Expert Today
