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- Chipper Cash has launched Chipper ID; an AI-powered suite of verification services.
- The offering has been tailored to deal with customer onboarding and compliance challenges within the African market.
Chipper Cash, a financial services provider, has launched Chipper ID. The offering is an AI-powered suite of verification services that’s customized to deal with customer onboarding and compliance challenges within the African market.
Chipper ID
Chipper ID has been tailored to deal with Know Your Customer (KYC) issues within Africa. This includes ID verification in addition to sub-par KYC solutions.
The suite in question focuses on five core product areas. This includes:
Facial verification for identification of fake or copied image submissions
Sanctions and Watchlist screening: screening bot for comprehensive compliance.
Document verification with the capacity to process an array of document types.
Back office Portal Hub for streamlined compliance management.
² Liveness: on-device machine learning system to detect the authenticity of the users.
The company’s CEO, Ham Serunjogi stated, “Chipper ID is here to revolutionize online identity and verification through innovative AI technology for businesses serving the African market. ”
Chipper Cash’s new offering is seen as part of its shift in strategy as it remains committed to profitability. Earlier in the year, the African fintech unicorn was weighing its options. This included looking for a buyer or new investors. The firm began considering these options prior to the collapse of the Silicon Valley Bank (SVB).
The company has over 5 million customers and total process volume of $1.5 billion per quarter. Seeing that FTX and SVB were among Chipper Cash’s major investors, the decline in investor confidence has been one of its challenges in recent months. This is coupled with high-interest rates and recession woes.
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