Cryptocurrency adoption in Africa has exploded over the years, with Nigerians, South Africans, Zimbabweans, Kenyans, Ghanaians, and Moroccans being one of the major players in Africa's crypto space.

Several businesses have responded to the increased demand and are making crypto trading accessible for Africans. One such business is ZendWallet, a crypto exchange platform enabling Africans to buy and sell cryptocurrencies easily. ZendWallet launched in 2022 and has helped thousands of users make safe and secure crypto transactions.

The Need

• Fraud mitigation: Crypto exchanges are a top target for fraudsters, and ZendWallet was no exception. Statistics show that billions of dollars are stolen yearly on crypto exchange platforms making implementing robust security measures a non-negotiable priority.
• Regulatory compliance: Cryptocurrencies are heavily regulated, so ZendWallet needed a solution to comply with  Know Your Customer (KYC) and Anti-money Laundering (AML) requirements across the countries in which they operate.
• Securing the onboarding: KYC was a top priority for ZendWallet, and they needed to secure every stage of the customer onboarding process to ensure that they only onboarded genuine users and not bad actors or bots on their platform.

Solution

ZendWallet partnered with Dojah and leveraged our Lookup BVN API, Dojah's Lookup CAC API, and EasyLookup no-code tool to address these issues.

ZendWallet broke its identity verification process into four levels and used a combination of manual and automated checks to verify its customers' identities adequately. Here's a breakdown of the process:

• Phone number verification (level 1): At this stage, ZendWallet asks users for their phone number, name, and other personal information and uses EasyLookup to confirm if the details attached to the phone number match the details provided. They attach a $500 daily transaction limit for this level.
• Government ID data + face ID verification (level 2): At this stage, ZendWallet uses EasyLookup to verify its users' National Identification Number (NIN). They also require users to go through a liveness check facial verification. Adding liveness checks helps ZendWallet detect deep fakes and bots, ensuring that only real users are being onboarded. This level has a $3,000,000 daily transaction limit.
• BVN verification (level 3): At this stage, ZendWallet uses EasyLookup to verify that the data in a user's BVN matches all the information they have received so far. This is the last stage for individual accounts and has a $5,000,000 daily transaction limit.
• Business verification (level 4): This stage only applies to business accounts, and ZendWallet uses Dojah's Lookup CAC API to ensure that they are working with a registered business entity. This stage has a $10,000,000 daily transaction limit.

Outcome

Partnering with Dojah has helped ZendWallet secure all stages of the customer journey while giving its users a seamless onboarding experience.

The combination of Dojah's KYC solutions and ZendWallet's dedicated 3-man KYC helps ZendWallet perform its complete due diligence process and ensures there are no cracks or loopholes in the onboarding flow for fraudsters to sneak through.

Stay Compliant and One Step Ahead of Fraudsters With Dojah's

Dojah has helped over 500 businesses like Cleva, OurPass, CDCare, Selar, and Opay to prevent fraud, stay compliant, verify identities, and onboard users seamlessly. 

Dojah's suite of no-code tools, APIs, and widgets seamlessly integrates into your existing system and tech stack. These solutions give you access to a user's financial data, biometric data, government data, telco data, AML data, and more for seamless verification and onboarding.

Ready to secure all aspects of your user journey? Then, create an account to get started. Contact us if you have any questions or schedule a demo session.