By Ugo Aliogo
VerifyMe Nigeria, has unveiled a new service that facilitates faster and more precise address verification.
In a statement by the company, it was disclosed that the new service, which is enabled by 4D GIS, will improve last-mile efficiency by pre-screening addresses based on cell tower and GPS positioning in real time.
The Chief Information Officer, Brandon Wang, said non-standardization of addresses is a massive problem for businesses in Nigeria.
He also stated that when instances of the issue are aggregated across industries, especially finance and eCommerce, they translate to billions of naira in delayed or lost income as well as thousands of unfulfilled deliveries.
He said when the group entered the market, it believed in last-mile capacity to be the missing piece of the digital identity problem in the country.
He however, stated their experience over the last three years has shown that to solve last-mile authentication, there is need first to resolve ambiguous addressing.
According to him, “To illustrate this, about two months ago, one of our banking clients requested for 1,500 address verifications to be fulfilled in a week. We had to reject 1,000 of those requests due to vague or incomplete addresses supplied by loan applicants. This issue significantly slowed down the onboarding process and translated to a loss of potential revenue for our client and staff-hours for us. Not to mention that over a thousand people were not able to get access to credit in that week.
“This is why we are launching our 4D GIS address verification service into the Nigerian market. It will help our customers and agents use the improved accuracy to verify incomplete or vague addresses in real-time. The new service will also be available to integrate into existing workflows for our customers, so a company like Jumia will be able to integrate with our webhook to pinpoint the exact location of non-standard addresses.”
The statement remarked in addition to using cell-tower and GPS positioning, the address verification service will be more user-inclusive by emphasising personal contributions to the verification process.