Leading digital identity technology and consumer analytics company, VerifyMe Nigeria, has launched a digital license plate verification service that instantly verifies motor vehicle and owner data via license plate .
With products such as License Plate Verification, VerifyMe continues to market relevant products to help grow the fintech, insurance, and service industries.
These industry-enabling products are made possible by the continued digitalization of government bodies such as FRSC and their continued mandate to enable the growth of the digital economy.
According to Esigie Aguele, Co-Founder/CEO of VerifyMe Nigeria, the plate number verification service is designed to meet the need for real-time, reliable data in the booming vehicle and asset verification market in Nigeria. It will also allow insurance companies to instantly onboard customers while maintaining full compliance and security.
He said: “We are excited about the possibilities offered by the plate number verification service by opening up new opportunities for the insurance industry. This initiative, supported by the Federal Road Safety Corps (FRSC), will ensure confidence in the system as parties to a transaction can confirm vehicle details in real time and mitigate future issues and delays with claims.
The Nigerian Association of Insurers (NIA) estimates that the motor insurance sector has an opportunity for premium growth of N50 billion while around 77% of cars in the country are currently uninsured.
This situation is exacerbated by the high number of unregistered vehicles and vehicles with fake registration licenses on the roads, which significantly hinders the penetration of motor insurance in the country.
Additionally, about 95% of the Nigerian automobile market falls under the used car segment, making verification of vehicle details essential for end-to-end transaction confidence.
The country also accounts for around 15% of African carpooling app customers. The Vehicle Registration Number API will facilitate the seamless sale and purchase of vehicles, boost consumer lending, and enhance security within the industry.
Recognized as a leading African startup leveraging practical technology to solve Africa’s problems, VerifyMe is renowned for its innovative products and transformational leadership in digital identity and open financial infrastructure.
The company was voted Notable Ecosystem Champion in Nigeria in the StartupBlink 2021 report.