Chipper Cash, a financial services company serving over five million customers, has launched Chipper ID, an AI-powered suite for verification services, tailored to solving industry-wide customer onboarding and compliance issues in the African market.
Designed to tackle Know Your Customer (KYC) issues across the African continent including ID verification, Chipper ID often impacted by mobile issues, and sub-par KYC solutions to protect against pipeline losses and inauthentic users.
The
suite which consists of five core product areas includes Liveness, an on-device
machine learning system that detects authentic users by identifying that a
human is completing the process rather than a video or AI deepfake; Facial
Verification, a one-to-many verification
supported by deep learning to identify fake or duplicated image submissions; Document
Verification, a multi-tiered deep learning system that processes a vast series
of document types; Sanctions and Watchlist Screening, Screen Sentinel, a
dynamic screening system, and ScreenGPT, a screening bot for comprehensive
compliance, and Back Office Portal Hub, for centralised and streamlined
compliance management.
In
a remark, the Chief Executive Officer and Co-Founder of Chipper, Ham Serunjogi
noted that Chipper is here to revolutionise online identity and verification
through innovative AI technology for businesses serving the African market.
Chipper ID has been designed specifically to address the unique challenges
faced in Africa, providing a secure and trusted solution that is tailor-made
for businesses operating across the continent.
"Over
the years, we've experienced lacklustre solutions on the African continent for
verification
due to many tools being built for the Western world. Faced with these
challenges, we began to put in place the foundation blocks for Chipper ID – a
product we now use ourselves within our own business and one that has saved us
millions of dollars, reduced fraud, and yielded better results across
onboarding and verification."
According
to him, KYC checks play a vital role in the onboarding process for new
customers and represent one of the biggest challenges that financially
regulated companies face.
“This
is why our team of in-house experts has taken a stringent verification focus
with Chipper ID to deliver a trusted tool purpose-built for the continent,” he
added.
Chipper
ID sets out to address common compliance issues including expensive vendor
solutions not tailored for the African market, siloed screening data, evolving
global regulations, and false positives, utilising AI to enhance the accuracy
and
efficiency
of data collection and analysis.
The
Director of Engineering at Chipper Cash, Samee Zahid also confirmed that Artificial
Intelligence is a central pillar for Chipper, adding that “we are constantly
innovating and putting AI at the heart of our solutions from building an
in-house analyst bot to mapping transactional risk patterns. There is a huge
opportunity for AI in the financial services space, and it forms an integral
part of Chipper ID's verification processes."
"Chipper
ID leverages state-of-the-art AI technology to verify users and supercharge the
onboarding of new customers, faster than ever and with greater accuracy."
By: Nana Appiah Acquaye