African microlender OKash integrates facial recognition to prevent fraud
African microlender OKash has integrated facial recognition into its mobile app to reduce fraud and improve user experience, Kenyan news outlet TUKO reports.
A recent report by Financial Sector Deepening suggests that 73 percent of Kenyans have a mobile money account, and the country has one of the world’s fastest-growing digital economies, according to TUKO, but mobile money fraud has become a widespread problem.
“We are very happy to be the first financial technology app in the country to innovate and establish such a security system,” said Edward Ndichu, Managing Director of OKash in Kenya. “Within financial digital services, there is need to ensure that the customer is actually who they say they are. By implementing this new feature, we ensure the integrity of our customers and guarantee them 100% protection of their loans and personal information when using the app.”
Business Daily Africa reported earlier this year that OKash, which is operated by Opera Group subsidiary Opay, was processing more than SH 10 million (US$99,000) per day within two months of its launch. The OKash app is available for Android mobile devices.
“We would like to encourage all of our users to test the new feature and start protecting their daily loans and transactions,” states Ndichu.
Earlier this month it was reported that Kenya’s Federal Government will begin a national biometric registration program this year, with the aim of improving government planning, service delivery, and security.