Trulioo expands Africa presence with Kenya biometric ID verification market entry
An announcement from Trulioo said its entry into the Kenyan market follows its presence in other big continental economies including Ghana, Nigeria and South Africa.
The company is extending its face biometrics-based ID verification service to Kenya because the East African economic giant is far advanced when it comes to financial inclusion, with over 80 percent of its population having access to a basic financial service.
Trulioo also cited Kenya’s pioneering feat in the fintech space with its flagship M-Pesa mobile money service which launched in 2007, and statistics from the IMF which show that more than 90 percent of financial transactions on Kenya’s government platform are affected using mobile money channels, as some of the points of attraction.
“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. 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,” said Steve Munford, Trulioo CEO.
With the expansion Trulioo plans to supply its biometric ID verification solution to help businesses in Kenya establish customer onboarding, KYC, and anti-money laundering processes. The ID verification platform can help businesses remove barriers, enhance trust, open up access to more credit and financial products, and more.
The company recently raised $394 million from a Series D funding round to continue the rapid expansion of its biometric verification market push.