Egypt – a country with an estimated population of 102,796,445 people and having almost 120 years of banking history, is still underbanked as a nation, with only 14% of the adult population either owning or sharing an account at a traditional financial institution, according to the World Bank data.
Furthermore, the gap between women and men who own bank accounts is 12%, while the gap between high net worth individuals and low net worth individuals is 21%.
Thus, increasing financial inclusion should be a paramount objective for the country’s financial institutions, which if accomplished, could unlock huge potential for the banking sector to grow.
Clearly, there is an opportunity for growth and improvement of financial inclusion, one which Appruve – an API infrastructure, is used by financial services globally, to verify identities, gain insights on the financial health of customers and detect fraudulent identities, is looking to catalyze.
Egypt is the latest African country in the Appruve network and in extension their entry into the MENA region.
Now with operations in 5 countries – Egypt, Uganda, Kenya, Nigeria and Ghana, Appruve, one of the most extensive data verification platforms in Africa.
With Appruve’s APIs in Egypt, you can:
1) Check for the existence of submitted national ID in the national database
2) Transliterate Arabic to English (and OCR text capture).
3) Perform facial comparison and match as part of our document authenticity analysis
4) Perform liveness checks for the existence of a real person.
To gain access to APIs and get a sneak of features they’ll be adding in the first quarter of 2021.
“The goal is to enable pan-African integration and facilitate trade. To make this possible, trust is a key element for the African Continental Free Trade Area initiative to take off. Digital channels for commerce and finance will rely on Appruve, so will large pan-African and sub-regional financial institutions like Ecobank, Equity Bank, UBA, Zenith, GT Bank and Bank of Africa,” the CEO of Appruve (Inclusive Innovations Inc., Paul Damalie.
Appruve is used by financial institutions such as Sterling Bank in Nigeria, Ecobank Group, IC Securities one of the largest asset managers across West Africa and numerous fintechs across Africa.
Appruve is an alumnus of the DFS Lab 2018, StartupBootCamp Afritech 2018, Google ML Accelerator 2018, 2019 cohort of the Facebook Accelerator and the HILL Justice Accelerator 2019