Smile ID Unveils Nigeria’s First eKYC Report, Celebrates 200 Million Verifications Milestone

Smile ID, Africa’s foremost identity verification and AML compliance provider has launched the 2024 Nigeria eKYC Report, the first comprehensive report of its kind in the country. This report provides detailed insights into the evolution of identity verification in Nigeria, emphasising key achievements in biometric and NIN-based verifications. In a dual celebration, Smile ID proudly […]

Smile ID, Africa’s foremost identity verification and AML compliance provider has launched the 2024 Nigeria eKYC Report, the first comprehensive report of its kind in the country. This report provides detailed insights into the evolution of identity verification in Nigeria, emphasising key achievements in biometric and NIN-based verifications.

In a dual celebration, Smile ID proudly announced a historic milestone: 200 million identity verifications completed. This remarkable achievement comes just 11 months after the company reached its first 100 million verifications—a milestone that took seven years to accomplish.

Pioneering eKYC Adoption in Nigeria

The 2024 Nigeria eKYC Report showcases Nigeria’s advancements in building secure and inclusive digital identity systems. Biometric and NIN-based verifications have seen exponential growth over the last two years, reinforcing the country’s leadership in adopting cutting-edge identity verification technologies.

“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 reliance on the NIN ID system as organisations increasingly transition from other ID types to ensure compliance and user verification. Biometric technology continues to play a pivotal role in fostering trust, combating fraud, and driving digital adoption across industries.

“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 Highlights from the Report

• Biometric Verification Growth Doubles: A 100% increase in biometric-based verifications underscores the shift toward fraud-resistant identity solutions.
• NIN Verification Adoption Up by 80%: Organizations are increasingly relying on NIN for secure, scalable identity verification processes.
• And more…

As digital infrastructure continues to expand, the 2024 Nigeria eKYC Report serves as a vital resource for businesses, policymakers, and financial institutions seeking to enhance digital identity systems.

Download the full report 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.