Youverify, a regtech service company that builds global compliance products for businesses to automate their end-to-end compliance needs, established its first office in San Francisco, US, where it launched its compliance products for local consumption.
We have since then, expanded into countries across Africa including Nigeria, Kenya and now, South Africa.
Our official launch in South Africa launch will be at the Micro Finance South Africa (MFSA) event coming up on Thursday, the 16th of March 2023.
With Youverify, local South African businesses can now verify government-issued IDs against and perform background checks on customers to immediately spot customer red flags including criminal records, politically exposed persons, sanction lists and liens.
Our Decision to Expand Operations into South Africa
In recent times, the amount of unbanked in Africa and rising fraud rates have placed a demand on compliance products in the continent of Africa. The global identity verification market size is projected to grow from USD 9.5 billion in 2022 to USD 18.6 billion in 2027 at an annual growth rate of 14.4% and Africa will be a very big part of it.
With years of international experience in regtech market, we have developed products that allow companies to stay compliant with varying Anti Money laundering Laws in their jurisdiction. This helps them maintain a high level of risk identification and fraud protection while retaining high customer onboarding and satisfaction rates in the global markets.
We are already a leading regtech company with a record user verification speed of 50 seconds and a 90% reduction in false positives.
“We are thrilled to establish a strong presence in South Africa and provide problem-solving solutions to our local clients. Our robust experience of penetrating complicated markets with solutions in 100+ countries and territories globally sets us apart from other industry players.
"With our singular goal to empower businesses to comply with regulatory requirements and mitigate risks while achieving sustained growth with our simple platform in the most cost-effective manner, we aim to help both regulated and non-regulated businesses in South Africa seamlessly scale to international markets by providing robust end to end compliance solutions”
Gbenga Odegbami, Co-founder & CEO of Youverify.
Expanding to South Africa
Selecting South Africa as the next African country to expand to was no accident. Having established in Nigeria and Kenya, we plan to build our presence in other African countries. The proactive financial inclusion activities of South Africa in recent years have seen the country hit an all-time high as one of the countries in Africa with the highest percentage of adults with a bank account.
However, financial crimes remain on the rise in South Africa as the country was recently added to the Financial crime watchdog grey list. Many see a problem, but we see an opportunity of which we have the perfect solution to.
“We have invested years of heavy research and resources in a bid to perfect our product and have no doubt in its ability to penetrate the South African market. Our solution will transform compliance processes as its known today in South Africa, helping businesses build economic relationships and trust without worrying about fraud or compliance difficulties.
"We know what it looks like at the moment, and we are here to change it”
Dimitri Kanellopoulos, International Sales Director, Youverify.
What Youverify Solutions are Available in South Africa?
Businesses operating in South Africa can access out following products:
- Know Your Customer (KYC)
- Know Your Business (KYB),
- Know Your Transaction (KYT)
- Know Your Employee (KYE)
- Workflow Builder
Youverify to Officially Launch at the MFSA 2023 Event
Microfinance South Africa (MFSA) is one of the biggest compliance events in South Africa, representing almost 1,400 Microfinance offices registered with the National Credit Regulator and the majority of significant service providers in the sector.
MFSA Mission
Promoting the interests of all members and their clients through:
- Advocacy
- Member interaction
- Development
MFSA Values
- Professionalism
- Ethical Conduct
- Client Care
Join us as we Officially Launch at the MFSA 2023 in South Africa
We will be live at the MFSA 2023 event, with our stand. Feel free to drop by for a quick chat and explore our products to see how they can help your business scale safely into international markets.
Date: 16 March 2023
Venue: The Canvas Riversands | Riversands I-Hub - Ext 15, 8 Incubation Drive Riverside View, Fourways, Midrand, 2021.
Time: 9:00AM, (GMT+2)
See you there!