By Sodeinde Temidayo David
Digital addressing system startup, OkHi Limited, has launched its smart address verification tech-driven product with Interswitch Group’s Quickteller, to focus on digitizing payments across the continent.
This development made Interswitch’s payments and wallet service, Quickteller, the first Nigerian business to use this OkHi address verification service.
Following this initiative, Interswitch customers will receive an OkHi address which will allow them to access larger wallets, faster loans and improved delivery service.
Founded in 2014, OkHi provides digital address verification to financial services and also tackles problem spaces holding back growth.
This smart addressing technology initiative makes it easy for financial services to verify their customer’s addresses through their smartphone, replacing the need for utility bills or physical visits.
Having merged with Interswitch through Quickteller’s Citimart and Global Mall, Quickteller customers with an OkHi address will be able to use it for personal purposes or with other delivery services.
This is possible as this technology provides an alternative to existing Know-Your-Customer (KYC) and paper-based processes, and will facilitate a more seamless digital service, helping to reduce onboarding times and lower operating costs.
A recent findings estimated that the lack of addressing costs the Nigerian economy $3 billion a year in inefficiency. Without an addressing system, it is very difficult for financial services and businesses to know where their customers actually live.
Today, the process is manual and is expensive and slow. When a customer relocates, the address is then out of date and if a financial service provider cannot verify where a customer lives, there is a limit to the services they can provide the person.
In a recent test on the development with Stanbic IBTC, OkHi proved that it could increase the accuracy of address verification by 29 per cent, increase the speed four times faster, and reduce the cost spent by 52 per cent.
Speaking on the recent development, the Chief Executive Officer (CEO) of OkHi, Mr Timbo Drayson, noted that the launch made in collaboration with Interswitch will tackle financial inclusion in the country.
Commenting on the announcement, Interswitch Group’s Divisional CEO for Industry Ecosystem, Ms Chinyere Don-Okhuofu, expressed that the life-changing initiative will deal with the barrier to financial services growth and also have an impact on Nigerians interaction with the tech world.
OkHi is also set to go live with other prominent customers in the neo banking and mobile lending space as they look to play their part in Nigeria’s digital transformation.
