The heightened rate of digital development in Africa has led to an increase in the number of Africans participating in online and digital activities. Data shows that the number of internet users has grown from 160m million in 2013 to over 530 million in 2022, and this is set to reach 760 million by 2028. The internet has moved from becoming a scarce commodity for the privileged few to an everyday utility for the people. This ease of access has helped drive growth and innovation in several crucial economic sectors and industries.
Sadly, this ripple effect of technological advancement in Africa doesn’t just come with positive changes but also presents a unique set of dangers, risks, and challenges in the form of digital and financial crimes like money laundering, identity theft, and fraud. The number of fraudulent transactions in Sub-Saharan Africa increased by more than 50%, and as a whole, Africa loses around $1.59 billion per year to telecom fraud. While some of these dangers existed before the emergence of modern developments, technology has amplified their occurrence and made it easier for bad actors to perform these acts.
Being an emerging market with high growth opportunities, verifying customer identity is a major pain point for tech companies in Africa. Limited data infrastructure, a large informal market, and regulatory discrepancies across countries make it challenging to verify and onboard real users while curbing fraud.
At Dojah, we are on the frontline of helping businesses to onboard many users easily by offering different options for identity verification. In partnership with TechCabal, we have compiled a range of key findings in the 2023 Identity Verification & Customer Onboarding Trends in Africa Report
In this report, you’ll read about:
- The essential components to efficient KYC in the African market
- The relationship between tech advancement and fraud growth rates
- Top issues users and businesses have with KYC procedures
- ID verification and customer onboarding forecast for 2023
Download the ID Verification & Customer Onboarding Trends Report 2023 to stay one step ahead of fraud in 2023.