CEM REPORT | A digital plate number verification service that verifies vehicle and its owner’s data instantly via plate numbers has been launched by VerifyMe Nigeria.
The digital identity and consumer analytics technology company, said 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.
The company’s Co-founder/CEO, Esigie Aguele, further said the VerifyMe Nigeria, plate number verification service also enable insurance companies to instantly onboard customers while also maintaining full compliance and security.
The service leverages on the continued digitalization in government agencies such as FRSC and their continued mandate to enable growth in the digital economy.
“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 Vehicle License Number API will facilitate the seamless sale and purchasing of vehicles, boost consumer lending and enhance security within the space since the country accounts for about 15% of Africa’s ride-hailing app customers.
About 95 percent of the Nigerian auto market falls within the used car segment consequently making it critical to verify the details of a vehicle for end-to-end transaction trust.
According to Nigerian Insurers Association (NIA) the auto-insurance sector is estimated to have about N50 billion premium growth opportunity however about 77 percent of cars in the country are currently uninsured.
This continues to be so as a result of high number of unregistered vehicles and vehicles with fake registration licenses on the roads which significantly stunts motor-insurance penetration in the country.
VerifyMe was voted as a Notable Ecosystem Champion in Nigeria in the StartupBlink 2021 report.
The company is noted for its innovative products and transformational leadership within the digital identity and open finance infrastructure space according to Nairametrics.