Jumio Inc., the largest online and mobile credentials management company, today announced payment aggregator start-up MyMoneyMobile has adopted Jumio’s real-time ID scanning technology to provide a seamless and faster user payment experience, while complying with anti-money-laundering and know your customer (KYC) regulations and best practices.
MyMoneyMobile, a mobile payment aggregator currently operating in Cameroon, has announced the adoption of Netverify. The new solution will save costs associated with KYC requirements and improve the customer experience by allowing customers and merchants to set up an account without friction and verify their government-issued IDs using a computer or an Android smartphone camera.
With plans to expand their operations across the European and African continents, MyMoneyMobile wanted an ID verification solution that ensures no friction at the point of account creation and also allows users to comply with both local KYC and money laundering regulations. The mobile money aggregator is operating in partnership with local mobile money operators to create more financial freedom for merchants and individuals by allowing them to open a payment account using their computer or Android mobile device from the comfort of their home. With the MyMoneyMobile app, a user registers using their mobile phone number or email address, then fill in their mobile money operator details and uses Netverify to build part of their KYC profile. Next, they open and use the app for easy and enhanced payments experience in their local community.
With Jumio’s Netverify, MyMoneyMobile customers have a faster and more secure way to open an account and process payments. As a result, money transfers, shopping and paying bills can happen as quickly as sending a text message. Additionally, people can use the app to find nearby merchants to deposit, withdraw cash, or pay using any means of payments they want.
Serge Boupda, Co-Founder MyMoneyMobile, said:
“ One of the biggest benefits we see with Jumio’s Netverify is enabling us to create the best and safest on-boarding user experience possible for people and merchants alike. This process helps us scale our business while adding extra security. Additionally, individual consumers and small and medium-sized businesses have greater financial empowerment, allowing them to transfer money, and exchange and purchase goods.”
Catherine Hickey, Jumio VP Sales, added:
“It’s a great honour for Jumio to be part of expanding the mobile money ecosystem in Cameroon. Companies such as MyMoneyMobile are helping to make this possible by providing access to secure and affordable finance, which in turn helps grow local business.”