Chipper Cash has become the latest financial institution to adopt Onfido’s identity verification technology. The company currently operates one of the largest money transfer platforms in Africa, and is hoping that the partnership with Onfido will make it easier to expand into new territories.
In that regard, Chipper Cash noted that Onfido can already recognize identity documents from 195 countries. Onfido’s onboarding service uses document recognition to confirm that an ID is authentic, and facial recognition to match that document to a selfie of the owner. In doing so, it ensures that the true document holder is present for the interaction.
Chipper Cash also believes that Onfido will enable a better user experience, which will in turn boost customer conversion rates. With Onfido’s tech, onboarding can be completed in only two minutes, in a manner that is still compliant with international Know Your Customer regulations.
As it stands, Chipper Cash has more than 4 million active users, and is trying to raise financial inclusion in Africa with free local transfers and low rates for international ones. The company already offers services in Ghana, Uganda, Nigeria, Tanzania, Rwanda, South Africa, and Kenya, in addition to the US and the UK. The company’s portfolio goes well beyond basic money transfers, allowing people to purchase prepaid visa cards and data bundles for other Chipper members. Account holders can also use the platform to make crypto and stock investments.
“Partnering with Onfido has helped us deliver a premium onboarding experience for new customers,” said Chipper Cash Global Marketing VP Hasan Luongo. “The sheer scale of Onfido’s identity verification has accelerated our strategic growth targets, supporting over 40,000 identity checks daily.”
“A simple user experience is expected when sending and receiving money in today’s digital world,” added Onfido CPO Alex Valle. “We’re delighted to partner with Chipper Cash to provide these services and complement its people-first approach to remittance.”
Onfido has proven to be extremely popular with remittance platforms. The company recently provided onboarding services for Moneytrans customers in Belgium and the Netherlands, and has previously done the same for those using WorldRemit and MyCash Money.