Zimbabwe telco to introduce digital KYC amid rising cyber fraud concerns
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Loading... - Jonathan Ooko
- 04 Apr 2023
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High levels of cyber fraud are pushing businesses in Africa, including telcos and those in the fintech space, to implement biometric systems for digital Know Your Customer (eKYC) processes. Rather than being an administrative burden, such rollouts could drive growth. Meanwhile compliance with AML and KYC requirements is also growing.
Econet to introduce face, voice and fingerprint biometrics
Zimbabwean telecoms firm Econet Wireless Zimbabwe Limited (Econet) is one of the latest to make biometrics and digital KYC a priority, reports New Zimbabwe.
In its recent report on the state of KYC in Africa in 2022, digital ID verification firm Smile Identity notes the importance of biometric KYC systems for African businesses, given the rising nature of financial fraud on the continent.
The report posits that biometric KYC checks are more efficient and effective in detecting ID fraud, noting that an average 50 percent of fraud incidents go unnoticed with textual KYC alone.
Cognizant of these realities, Econet Secretary Charles Banda is quoted by New Zimbabwe as saying the company plans to make face, voice and fingerprints biometrics part of its KYC system, especially as it looks forward to becoming a completely developed digital services provider.
According to Banda, modernizing their KYC system “will include biometric detection as well as digital identification, leading to better protection for our customers against growing cyber-security risks.”
The secretary noted that poor availability of foreign currency will remain a challenge for upgrades. Read More…
