To accelerate financial inclusion and economic growth by enabling digital identity creation and ownership and furthering organizational control and security
To provide service providers with smart, configurable and accessible solutions to verify user identities for a seamless registration experience
Valify’s e-KYC software solution was developed in 2018 as a response to the global and local movement towards financial inclusion as well as the massive increase in digital service providers.
How can we achieve the goals of financial inclusion and provision of remote services, while onboarding customers manually at branches?
This highlighted the need for the creation of a digital identity market and resulted in the conception of Valify.
In collaboration with the Central Bank of Egypt (CBE), Valify is building the foundation for and guiding legislation towards the implementation of electronic KYC as a standard and nationwide practice, for secure remote customer on-boarding.
Low-levels of financial inclusion can be mainly attributed to low penetration of financial institutions, such as banks. This issue can be mended by utilizing e-KYC as opposed to manual consumer on-boarding processes.
e-KYC makes the customer due diligence process less costly, reducing compliance costs, and thus makes it more profitable to provide service to low income customers, encouraging financial institutions to expand their market. It also accelerates the otherwise lengthy process of account opening, encouraging more people to use financial services.
Egyptian Authorities’ focus on financial inclusion is evident in the establishment of the National Council of Payments and other government initiatives. This goal can be furthered through the use of e-KYC as a regulation technology (regtech) application.
e-KYC has emerged as a compliance tool for regulation resulting from the widespread use of financial technology (fintech). In addition to regulatory compliance, risk management and customer due diligence, e-KYC increases financial inclusion by streamlining the customer identity verification process, speeding up the adoption of digital financial services.