SA digital identity startup iiDENTIFii expands to Zambia

Daba Finance/iiDENTIFii Zambia expansion

STARTUP VENTURE CAPITALOctober 17, 2023 at 11:18 AM UTC

Cape Town-based digital identity startup, iiDENTIFii, has teamed up with Zambian bank Zanaco to introduce its identity solution to Zambia. The startup provides advanced face authentication technology that verifies users via their mobile phones or PCs within seconds. It serves various industry verticals and is trusted by major pan-African banks, insurance companies, and mining corporations for both customer and employee authentication.

Having secured $15 million in growth capital for its expansion across Africa last year, iiDENTIFii is now partnering with the prominent Zanaco bank to commence operations in Zambia. This collaboration is set to make identity verification and its associated benefits accessible to all.

Gur Geva, the founder and CEO of iiDENTIFii, commented on the partnership, stating that their goal in Zambia is to address issues related to digital exclusion, limited access to services, and identity fraud. Across the continent, many individuals lack recognized identification, which restricts their access to essential services such as banking, healthcare, and government offerings.

Key Takeaways

Africa’s digital economy is growing fast, with a population of 1.4 billion. However, according to the World Bank, around 500 million Africans still lack proper identification documents as of 2020. This highlights the importance of identity verification solutions in closing the identity gap and supporting Africa’s digital economy. More so, businesses globally lose up to $1 trillion annually to cybercrime and in Africa, that figure stands at a whopping $4 billion. As digital services, financial and non-financial, providers penetrate the African market at large, there is a need for fintech startups and digital businesses on the continent to carry out stringent Know-Your-Customer (KYC) and verification checks on their customers. iiDENTIFii is one of the many platforms powering these crucial processes for other startups.

iiDENTIFii

Identity Verification

South Africa

Zambia

KYC

Cybercrime