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Know-your-customer (KYC) Innovation and Integrity

– Cenfri

  • Report
  • Posted by Good ID team (Good ID)
  • 15 October 2019

This study - conducted by Cenfri for the Alliance for Financial Inclusion (AFI) - investigates regulatory and technological KYC innovations across the globe. The study highlights that accurate verification that upholds the elements of #GoodID is integral to the KYC processes necessary for compliance

This report by Cenfri - an independent not-for-profit think tank, based in Cape Town, South Africa - explores KYC innovations in a select number of AFI member countries that are advancing financial inclusion and financial integrity, particularly where this impacts women and marginalized groups.

The report includes case studies from Brazil, Peru, Nigeria, Eswatini/Swaziland, West Africa Economic and Monetary Union (WAEMU), Egypt, Jordan, Bangladesh and Russia. Cenfri argues that all these countries have promising KYC innovations in place. The case studies also explore drivers and barriers to the countries’ ultimate success in financial inclusion.

Cenfri researchers conclude that “while significant progress has been made in these countries regarding KYC innovations, there remains much to be done to advance KYC innovations, financial inclusion and financial integrity.”

There are KYC innovation opportunities that will significantly contribute to advancing financial inclusion and integrity … Although most of the leanings should be local and country-led, the role of local, regional and global platforms (such as AFI) in expediting crosscountry learning, policy and practice change, will be more significant going forward

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