Identity verification is a crucial component of doing business in Nigeria. It ensures that individuals and businesses are who they say they are, so you can be compliant and prevents fraud, money laundering, and other illegal activities. However, the cost of identity verification can be a barrier for tiny and medium-sized enterprises.
At Verified.africa, we understand these challenges. That’s why we offer affordable pricing options that don’t compromise quality or accuracy. We believe that every business deserves access to reliable and secure identity verification services, no matter how big or small.
In this article, we’ll look in-depth at the costs of identity verification services in Nigeria and explain how Verified.africa can help your business stay compliant while saving you money.
The Types of Identity Verification Services
Identity verification services can vary in terms of the level of verification required and the information used to verify an individual’s identity. There are typically three levels of verification:
Level 1: Basic Verification – This level confirms an individual’s identity using simple information such as name, address, and date of birth. Primary verification is usually used for low-risk transactions such as opening a new email account, as you do on Google services or social networks.
Level 2: Intermediate Verification – At this level, we apply more comprehensive information such as the National Identity Number(NIN) or Driver’s license, utility bills, and bank statements. Intermediate verification is typically used for higher-risk transactions such as opening a bank account or signing up on a fintech service.
Level 3: Advanced Verification – Here, the most comprehensive information to confirm an individual’s identity, such as biometric data, facial recognition, and voice recognition, is chosen. Advanced verification is typically used for the highest-risk transactions, such as applying for a loan or a credit card.
See a list of the different verification services we offer
The Cost of Identity Verification Services in Nigeria
Several factors determine the pricing of ID verification services, including the level of verification required and the volume of verifications requested.
Typically, the cost of identity verification services in Nigeria can range from ₦15 to ₦5000 per verification, depending on the service provider. For example, our BVN verification service can cost as little as ₦11 per call, while the Guarantor’s Verification can cost up to ₦900 per call.
(See a full list of our pricing model here)
Why Our Pricing is the Best Option for You
We surveyed our competitors’ pricing to ensure that our pricing is competitive and fair. Our survey found that many competitors charge significantly higher rates for identity verification services in Nigeria.
For example, one competitor charges as high as ₦1,500 per verification for the address verification service, while another charge ₦5,000 for level 3 verification. On the other hand, our pricing is significantly lower. Our rates start at just ₦70 for level 2 verification, such as international passport verification and as low as ₦1000 for the address verification service.
We also provide flexible payment options to make it easier for businesses to manage their expenses. Our services are priced based on the volume of requested verifications, meaning you pay for only what you need.
Moreover, we are committed to providing excellent customer service and support to our clients. Our team is available 24/7 to answer any questions or concerns you may have.
Conclusion
At Verified.africa, we understand that cost is a concern for many businesses in Nigeria. That’s why we have designed our identity verification services to be affordable without sacrificing accuracy, reliability, or speed.
But don’t just take our word for it.
Read our case study with First Bank of Nigeria
We hope this article has provided a better understanding of the costs of identity verification services in Nigeria and the importance of choosing the right service provider for your business. If you have any questions or want to learn more about our services, contact us at support@verified.africa.
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