RESOURCES

How ‘Bamboo’ Eliminates Dual Identities and Onboards Genuine Customers using Verified.africa

“From a regulatory standpoint, Bamboo is required by Nigerian law to verify the identities of their customers, using the National Identification Number (NIN). With customer’s finances at risk, Bamboo realised it needed a swift verification tool to handle its onboarding process”


 

Bamboo is a Brokerage Firm in Nigeria that gives people smart, affordable and accessible options for investing in the United States of America. Verified.africa’s relationship with Bamboo was formed based on referrals. 

One of our team members at Verified.africa pitched our solution to a Bamboo associate after learning that they – Bamboo – needed to get rid of the dual identities of their customers at the point of registration.

They also need to confirm the personal details of a customer before signup can be completed. 

 

Bamboo’s Challenge

These dual identities on Bmaboo’s platform were created by fraudulent individuals who take on the persona and identity of another person, for personal gain. This fraudulent act is often at the expense of the original owner of the assumed identity. 

Dual identities are also dangerous for the company in question because it reduces the trust between the company’s customers and the organisation. It often results in low output, dormant accounts, account closures and even severed business relationships. 

In the best interests of their customers, Bamboo decided to seek a solution by giving Verified.africa the opportunity to solve this problem.

 

Use verified.africa

 

How Verified.africa Solved Bamboo’s Challenges.

Verified.africa enables an easy and secure onboarding process to ensure that sign-ups with KYC compliance are done seamlessly. One of the benefits of our services includes real-time verification, enabling clients to receive identity results in milliseconds.

Bamboo integrated Verified.africa’s API to their KYC process such that every new customer who signs up for Bamboo’s services are identified accurately and automatically.

As a fintech company, Bamboo requires customers to submit a National Identification Number (NIN) and Bank Verification Number (BVN), on signup. These two forms of identification are unique to each Nigerian.

By authenticating these details in real-time, we solved the problem of dual identities, which Bamboo was facing, helping to process over 5,000 signups monthly.

As a brokerage firm, Bamboo helps its customers find the best investment options in the US. As such, they receive numerous sign-ups from potential customers who are interested in their services. 

Verified.africa has boosted Bamboo’s customer acquisition and public trust by eliminating dual identities, identity fraud and other potential forms of illegitimate actions that could be carried out on their platform.

 

Conclusion

With real-time results produced in seconds, Verified.africa’s goal is to enable businesses to validate the identities of their customers. This, in the long run, builds trust between an organisation and its customers, fostering a transparent process of business transactions. 

For another case study, check out this post. Our goal is to serve you and keep our customers – and their customers – happy and satisfied.

Try verified.africa today for free to swiftly identify your customers and increase your revenue.

use verified africa

Spread the love

Thank you for subscribing!

You will be getting product updates from us. We promise not to spam you.