0x0 29 Crypto Industry in Africa: KYC Challenges and Opportunities

Crypto Industry in Africa: KYC Challenges and Opportunities

– KYC is important for service companies in order to improve services and protect both people and companies.

– The lack of a national identification system, along with the lack of access to utilities and clean water, make it difficult to verify people’s identities in Africa.

– The lack of a formal banking system also makes it difficult to verify people’s addresses.

– The lack of data about people’s skin tones makes it difficult to use facial recognition algorithms to verify people’s identities.

– There are opportunities to improve KYC in Africa by establishing new avenues for service delivery with reduced cost implications and greater efficiency.

 

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