A digital identity company, VerifyMeNigeria, has said access to credible consumer data is a critical factor that will enable a viable open finance system in Africa.

The Chief Operating Officer of VerifyMeNigeria, Sarah Essien, explained that the quest for a sustainable open finance economy in Africa would only be actualised when financial institutions could readily connect to credible consumer data, adding that it would help them understand the different customer segments and build products that meet their specific needs.

Essien, who was speaking on the sidelines of the just concluded sixth edition of the African Fintech Summit held in Cape Town, South Africa, said, “As the continent continues to ramp up efforts to open the financial space to the estimated 57 per cent of Africans who are currently locked out, collaborative, conscientious and deliberate efforts must be made towards creating an environment where these populations feel represented, safe and secure enough to remain within the system.”

Illustrating with QoreID, the company’s recently inaugurated B2B infrastructure that connects medium and large businesses to trusted identities and consumer data, Essien noted that in addition to making customer onboarding quicker, more efficient and affordable, companies on the platform can access real-time Know-Your-Customer data, income and credit profiles, digital addressing solutions, among others, that make transactions less vulnerable to errors and fraud.

She said, “We are excited about the prospects of QoreID in transforming businesses across Africa and helping them drive growth within new markets.