VerifyMe Nigeria, a digital identity and consumer analytics technology company, has launched a digital plate number verification service that verifies motor vehicle and motor owner data instantly via plate number.
With products such as license plate verification, VerifyMe continues to bring relevant products to market to help power growth in the fintech, insurance, and services industries. These industry-enabling products are made possible by continued digitalization in government agencies such as FRSC and their continued mandate to enable growth in the digital economy.
According to Esigie Aguele, Co-founder/CEO, VerifyMe Nigeria, the plate number verification service is designed to fill the need for trusted real-time data within Nigeria’s burgeoning vehicle and asset verification market. It will also enable insurance companies to instantly onboard customers while also maintaining full compliance and security.
He said: “We are enthusiastic about the possibilities Plate Number Verification service offers in opening new opportunities for the insurance sector. This initiative, supported by the Federal Road Safety Corps (FRSC) will ensure trust in the system as the parties in a transaction can confirm the particulars of a vehicle real time and mitigate future issues and delays during claims.
The Nigerian Insurers Association (NIA) estimates that the auto-insurance sector has a N50 billion premium growth opportunity while about 77 percent of cars in the country are currently uninsured. This situation is exacerbated by the high number of unregistered vehicles and vehicles with fake registration licenses on the roads which significantly stunts motor-insurance penetration in the country.
Additionally, about 95 percent of the Nigerian auto market falls within the used car segment making it critical to verify the details of a vehicle for end-to-end transaction trust. The country also accounts for about 15% of Africa’s ride-hailing app customers. The Vehicle License Number API will facilitate the seamless sale and purchasing of vehicles, boost consumer lending and enhance security within the space.
Recognized as a leading African startup leveraging practical technology to solve Africa’s problems, VerifyMe is noted for its innovative products and transformational leadership within the digital identity and open finance infrastructure space. The company was voted as a Notable Ecosystem Champion in Nigeria in the StartupBlink 2021 report.