Smile ID, a leading digital KYC provider in Africa has announced that it has doubled its identity verification checks to 200 million in just 11 months. This rapid growth surpasses the previous 100 million milestone, which took seven years to achieve, signifying the growth of digital identity verification in Africa and Smile ID’s pivotal role in fostering this growth.
The company revealed this alongside the launch of its 2024 Nigeria eKYC Report, which leverages anonymised data from over 100 million KYC checks conducted between October 2022 and October 2024.
“Our rapid growth from 100 million to 200 million verifications in less than a year underscores the increasing demand for secure and reliable identity verification across industries,” said Shile Owoka, Executive Director at Smile ID. “Our latest eKYC report highlights the pivotal role of biometric and NIN-based verifications in fostering trust, driving financial inclusion, and enabling business growth.
Founded in 2017, Smile ID has secured over $30 million in venture capital funding, including a recent $20 million Series B round from investors like Costanoa Ventures, Future Africa, and Norrsken22.
Smile ID’s approach combines document verification, facial biometric recognition, and integration with local trusted ID authorities to accurately verify individuals’ identities. This robust solution empowers businesses to conduct thorough AML checks, streamline customer onboarding processes, and effectively mitigate fraud risks.
In this report which features case studies from clients such as Flutterwave and Paga, Smile ID shares critical insights into the adoption of biometric and NIN-based verifications, the evolution of digital identity verification systems, and their impact on businesses and individuals in Nigeria.
“Nigeria’s advancements in digital identity verification showcase the transformative impact of inclusive and innovative solutions. Our eKYC report highlights the growing trust in biometric and NIN-based verifications, empowering businesses to scale securely and efficiently. At Smile ID, we’re dedicated to sustaining this progress by delivering reliable, user-centric solutions that simplify KYC processes and unlock growth opportunities across different industries.” Peace Itimi, Director of Marketing at Smile ID added.
Key highlights from the report
The financial services sector, particularly banking and lending, has been the primary driver of eKYC adoption in Nigeria, accounting for 80% of ID verifications over the past two years. This comes as no surprise due to stringent regulatory requirements from the Central Bank of Nigeria, the need to reduce manual verification processes, and the growing demand for seamless, remote onboarding of customers. The COVID-19 pandemic also accelerated the shift towards digital verification methods, highlighting the importance of robust, contactless customer authentication systems that can be completed entirely online.
With over 110 million National identity Numbers (NIN) issued, Nigeria has established a robust digital identity infrastructure. NIN, a widely recognised source of truth for identity information, has proven to be the most reliable verification method, achieving an 80% success rate between October 2022 and October 2024.
This is notably higher than the 66% average success rate of other ID verification methods, highlighting the effectiveness of NIN for user identity verification. The system’s exceptional reliability is further evidenced by its remarkable 98% database uptime over the past two years.
A positive trend emerged in NIN verification gender distribution as the gap between male and female verifications narrowed, with female participation increasing by 7%. This reflects growing inclusivity and successful outreach efforts in Nigeria’s digital ID ecosystem.
Biometric verification is the future of KYC in Nigeria. Smile ID data shows a significant 100% increase in biometric usage, from 23% to 46% between 2022 and 2024, positioning it as the preferred method for secure and efficient identity verification.
To find out more, download the full Smile ID eKYC report.
