MENA FINTECH ASSOCIATION, launches the fifth volume of A Guide to Payments Series; “Know Your Customer”. 

Co-authored by Codebase Technologies and KARM Legal Consultants, this report, Know Your Customer (KYC), focuses on the massive importance of eKYC to business efficiency, risk management, and customer acquisition. 

The key takeaways from this report are:

Since 2012, 23.1% of all Regtech investments, which amounts to $878m, can be attributed to investments in KYC solutions. 

Digital KYC has delivered on the speed and cost efficiency promise, reducing manual time and the cost of processing and verifying new bank customers.

A core benefit to organizations is the reduction of fraud. While the core eKYC process is done at the start of an engagement, digital banks constantly check and verify user identities through OTPs, biometrics.

This 5-report series on Payments is a product of the Payments Working Group of the MENA FinTech Association called “SHIFT”. The report series has profited from the insights of many regional and international experts. 

This 5-report series on Payments is a product of the Payments Working Group of the MENA FinTech Association called “SHIFT”. The report series has profited from the insights of many regional and international experts. 

This year the focus is on landscaping, cross-border, issuance, stored value and digital KYC. Our aim was to establish a payments guidebook for the industry, by the industry to understand the market not just with macro indicators but with an on-ground understanding of how this unique market full of opportunities should be approached.

Download the full report now.