Enabling real time verification of customer identities (EKYC)

Primary Target Groups: All

Tools of Impact: Technical Assistance

Achievements: 21 SFIs achieved GO LIVE on eKYC as at September 2021.

Synopsis: The broad objective of the eKYC project is to enable Supervised Financial Institutions (SFIs) to remotely and in real-time validate KYC of both existing and new customers using customer National Identification Numbers (NIN), digitally stored by the National Identification & Registration Authority (NIRA). This will create efficiencies around account opening, validating transactions, and enhance data collection, key when developing customer-centric financial products and services. The eKYC framework has the potential to be the foundation for other digital financial innovations and support the government’s vision of a digital economy. It is expected that more banks will join the eKYC framework, enabling them to connect / integrate and have ability to verify national ID information for updating existing customer KYC and onboarding. As at September 2021, 21 SFIs achieved GO LIVE on eKYC– (the ability to validate and authenticate a National ID in real time from the NIRA database, remotely using the technical solution that was developed with support from FSDU). These banks are ABSA,Cairo Bank,DFCU,DTB,Equity,Exim, KCB, NCBA,BRAC,GTB, Housing Finance, Mercantile, Orient, Bank of India, FINCA, Opportunity, PRIDE Microfinance, Tropical, UGAFODE,Bank of Africa and ABC Bank. The eKYC has led to faster bank account opening process for these 21 banks.

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