KENYA – Trulioo, electronic identity and address verification company has announced its entry into the Kenyan market thus expanding its list of African countries supported by GlobalGateway, the market-leading global identity verification platform.
Trulioo is a global identity and business verification company that provides secure access to reliable, independent and trusted data sources worldwide to instantly verify consumers and business entities online.
It’s bank-grade online verification platform, GlobalGateway, helps organizations comply with Anti-Money Laundering (AML) and Customer Due Diligence (CDD) requirements by automating Know Your Customer (KYC) and Know Your Business (KYB) workflows.
The company says that it offers support to global clients to instantly verify 5 billion people and 330 million business entities in over 100 countries — all through a single API integration.
Trulioo seeks to enter the Kenyan market as the East Africa nation is at the forefront of financial inclusion with 83% of its population having access to at least basic financial services and also a leader within the fintech space, with Trulioo attributing much of that to the success of the M-Pesa.
Trulioo is hoping that GlobalGateway will support the ongoing development of Kenya’s mobile economy, and the rollout of its national Huduma Namba digital identity program with the GlobalGateway platform enabling remote onboarding and identity verification, using face and document recognition to match a face to the image on a photo ID.
Unlike other money transfer services, M-Pesa does not rely on an app, and instead uses SMS messages and PINs to allow people to send and receive money with less sophisticated (and less expensive) devices.
M-Pesa, a mobile money transfer platform, was launched in 2007 by Safaricom and in 2020, M-Pesa almost has 42 million users and 400,000 agents in seven countries.
“Kenya’s leadership in digital payments usage is laudable, and I’m sure we’ll continue to see more innovations stemming from its deep roots in fintech, as well as even greater participation in the digital economy”Steve Munford – CEO, Trulioo
While internet penetration in the country is only at 40 percent, those who do have a connection have proven to be enthusiastic users.
Kenya currently has 59.2 million mobile connections, a number that is larger than its total population, and that reflects the fact that many people will sign up for multiple mobile accounts and are savvy enough to switch back and forth to get access to better rates and services.
According to Steve Munford, Chief Executive Officer of Trulioo, Kenya has outlined a bold vision to establish a strong digital economy, and it has been a driving force in the fintech revolution in Africa.”
“Its leadership in digital payments usage is laudable, and I’m sure we’ll continue to see more innovations stemming from its deep roots in fintech, as well as even greater participation in the digital economy.”
Trulioo already provides GlobalGateway coverage for South Africa, Egypt, Nigeria, and Ghana and also has a strong foothold in Asia, offering services in Pakistan and the Philippines.
The company recently achieved unicorn status after bringing in US$394 million in Series D funding.
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