How Nigeria's Youverify aims to combat fraud with IAM technology

When his mother lost money in her bank account to a fraudster, Gbenga Odegbami started his journey to create an identity and access management (IAM) system that would stop the many cases of fraud in Nigeria, and throughout Africa.

Youverify
Youverify

Gbenga Odegbami's journey to create an identity and access management (IAM) system to help stop rampant fraud in Nigeria started when his mother fell victim to a scam and lost money in her bank account.

A fraudster claiming to be an official from her bank had called her, eliciting enough information to use it to access her bank account. The incident compelled  Odegbami four years ago to launch Youverify, a venture aimed at streamlining how banks and other companies verify the identity of their customers and do due diligence to meet know-your-customer (KYC) regulations.

"We help businesses automate compliance," Odegbami says. Youverify correlates data from various sources to help companies identify customers they serve. "We integrate with many different data sources, making it almost impossible to impersonate an individual."

When it comes to online impersonation and fraud, Nigeria ranks high on the list globally. Nigerian fraudsters have perfected the art of syphoning millions of dollars from unsuspecting victims on false pretences via what's known as 419 frauds.

Gbenga Odegbami Gbenga Odegbami

Gbenga Odegbami is the founder of Youverify.

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