VerifyMe Wins Award

By Ugo Aliogo

Leading identity verification and Know-Your-Customer (KYC) technology company, VerifyMe, has won the award for Technology Solutions Company of the Year at the 2020 BusinessDay Nigeria Business Leadership Awards, in Lagos recently.

A statement by the organiser said VerifyMe joined a list of 33 companies, and eight CEOs recognized for their remarkable leadership and sustained commitment to excellence in enterprise.

According to BusinessDay Media Limited, organizers of the Awards: “The criteria for vetting was based on a balanced scorecard that assigns weighted averages to leadership, innovation, market share, financial performance, employee job satisfaction, social and environmental focus and compliance with extant regulatory requirements.”

In his acceptance speech, Chairman, VerifyMe Nigeria, Olutunji Oluwole, expressed appreciation to the organisers for the recognition and dedicated the award to the entire VerifyMe team and the company’s customers.

He said: “We are humbled to be recognized as the Technology Solutions Company of the Year. This award is a fitting cap to what has been a very unique year for us at VerifyMe. Amid the highs and lows, we’ve seen remarkable growth both in terms of transaction volumes and other indices of our business.

“VerifyMe is driven by the vision to enable industry growth through trust. This award reinforces our commitment to this vision, and we thank BusinessDay for this recognition even as we set our eyes to transforming the verifications landscape across Africa in the coming year,” he added.

The statement further explained that VerifyMe provides a digital trust infrastructure to the financial services sector and other industries using the most authoritative Nigerian ID data sources; namely, National Identity Number (NIN), Bank Verification Number (BVN) and Driver’s License.

According to the statement: “All verifications are compliant with Central Bank of Nigeria (CBN) Tier III and Anti-Money Laundering (AML) directives, giving decision-makers the right tools to assess suitability for financial services and employment.

“Despite a challenging year due to the COVID-19 pandemic, VerifyMe has seen significant growth with verification transactions increasing 50% and total transaction volume by 100% since January. Over 30% of commercial banks use their products, in addition to over 60 lenders and micro-lenders supported by the company’s APIs.

“Looking to disrupt the verifications landscape across Africa, VerifyMe plans to control 50% of the market by revenue and conduct over two million verifications monthly by the end of 2021. The company was recently appointed as one of the private sector technical partners by the Nigerian Identity Management Commission (NIMC) to carry out the National Identity Number (NIN) enrollments.”