The State of KYC in Africa Mid-year Report 2023
A must-read for any business looking to acquire users across Africa and keep up with fraud trends.
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As a pioneer and leading provider of identity verification solutions in Africa, Smile ID is uniquely positioned to offer insights into the evolving KYC landscape. In this report, we delve into the state of identity verification across various African countries. We also look closely at the fraud trends and how businesses can leverage identity verification to safeguard their operations.
What you will find in this report
- A deep dive into the KYC regulations across 13 African countries
- Insights into the current identity verification landscape in Africa
- A look at the changing fraud trends in a world of generative AI
More insights from this report
- The adoption of digital identity is growing across Africa
- Biometric verification reduces fraudulent users by 50%
- Onboarding fraud rates declined by 5% in focus markets, led by declines in South Africa and Ghana
- Local ID databases remain the most robust source of truth for KYC, but frequent downtime (on average, 3%) remains an obstacle
A sneak peek of the report:
99.8%
Accuracy on Burundian IDs
87%
Fraud reduction for banks
400M+
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