Trulioo today announced that Kenya is the latest addition to its expanding list of African countries supported by GlobalGateway, the market-leading global identity verification platform.
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Trulioo helps businesses automate their customer onboarding processes and comply with Know Your Customer (KYC) and Anti-Money Laundering (AML) requirements. Leading payment providers, financial services and marketplaces rely on GlobalGateway to serve customers internationally across jurisdictions and identity risk profiles.
Seamless identity verification is a key factor that helps remove barriers to entry for global expansion and creates trust and safety in an increasingly borderless world. Broadening access to credit and other financial products, digital identity verification improves financial inclusion and enables traditionally unbanked consumers and businesses to purchase and sell goods and services online.
Kenya sits at the forefront of financial inclusion with 83% of its population having access to at least basic financial services. The country is also a noted pioneer within the fintech space. M-Pesa, a mobile money transfer service, was launched in Kenya in 2007 by Safaricom. Last year it was reported that M-Pesa had almost 42 million users and 400,000 agents in seven countries.
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“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,” said Steve Munford, CEO. “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.”
According to reports by the International Monetary Fund (IMF), over 90% of transactions on Kenya’s government payment platform are made using mobile money. What’s more, data from the IMF shows that there are 1,859 mobile money registered accounts per 1,000 adults in Kenya, a much higher rate in comparison to similar countries lacking conventional banking infrastructure.
Having recently announced a USD $394M Series D financing round, Trulioo will use the investment to continue to build an end-to-end identity platform that will enable organizations to seamlessly scale and enter emerging markets.
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