VerifyMe Nigeria has launched a new service to verify vehicle license status in real time, extending its portfolio beyond digital identity verification, biometrics and consumer analytics.
New digital plate number verification service instantly verifies motor vehicle and ownership data, company says, to help customers in fintech, insurance and other service industries more easily onboard end users with full regulatory compliance. The service is offered as an API to complement VerifyMe’s digital identity verification services.
The automatic license plate verification service is possible through digitization of services by the Federal Road Safety Corps (FRSC) of Nigeria, according to the company.
“We are excited about the possibilities offered by the plate number verification service in opening up new opportunities for the insurance industry,” comments Co-Founder and CEO of VerifyMe Nigeria, Esigie Aguele. “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 API fills a need for reliable, real-time data on the Nigerian vehicle and asset verification market, with approximately 77% of automobiles in the country uninsured. Securing them represents a N50 billion (US$120 million) growth opportunity, according to the announcement.
VerifyMe is among the digital identity verification providers that came together to form a Nigerian industry association a month ago.
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