Today, players in the Financial Services Industry (FSI) often rely on manual processes to verify or KYC or KYB information provided by end customers, leading to lengthy and error-prone verification procedures. These manual processes typically depend on segregated and decentralized tools. In accordance with the Central Bank of Kenya, Customer Due Diligence (CDD) requirements, FSI players must reconfirm periodically the Know Your Customer (KYC) or Know Your Business (KYB) information of their customers to ensure they have the real identity of their clientele. However, given the substantial customer base of FSI players, accomplishing this task manually is impractical. Currently, the process of searching for company information during account opening processes takes 4 to 7 working days and is costly.

MPF Recognition addresses several critical challenges in identity verification and fraud prevention, including identity theft and face duplication. Identity theft poses a significant risk, with malicious actors attempting to assume the identities of others for fraudulent purposes. By offering robust identity verification mechanisms, MPF Recognition helps mitigate this risk by ensuring that individuals are who they claim to be. Additionally, the service enhances fraud prevention efforts by detecting and preventing spoofing attempts, where individuals attempt to deceive the system using false information or fraudulent means. One of the key features of MPF Recognition is its capability to prevent face duplication. This is achieved by comparing newly uploaded pictures or selfies against existing images in the database, effectively identifying any instances of duplicate identities. In cases where a match is found, the system alerts administrators, enabling them to take appropriate action to prevent fraudulent activities. Furthermore, MPF Recognition utilizes advanced techniques such as liveness detection to verify the physical presence of the individual during the authentication process, thus preventing spoofing attempts where imposters may try to deceive the system using static images or other fraudulent methods. Overall, MPF Recognition provides a comprehensive solution for identity verification and fraud prevention, safeguarding businesses and individuals against various forms of fraudulent activities.

Dhamana aims to address two distinct categories of challenges. Firstly, it targets the peculiar behavior commonly observed among bidders in which they tend to wait until the last minute to apply for trade guarantees, such as bid bonds. This behavior stems from their need to ascertain that their tender response documentation are in order before applying for guarantees. It is important to note that new customers to the bank may experience delays of 4 to 7 working days due to the lengthy manual KYC process, while existing customers may face a minimum wait time of 2 hours. Consequently, bidders often miss out on tender opportunities due to these delays. Additionally, the physical distance or geographical dispersion of bank branches from end customers poses a logistical challenge. Customers must travel significant distances, contend with traffic congestion, and incur transportation costs to reach the nearest branch to apply for trade guarantees. This further exacerbates delays in submitting tender responses, contributing to missed opportunities for bidders.

It’s time for Financial Services Industry (FSI) players to drive economic growth. Small and Medium Enterprises (SMEs) serve as the backbone and engine of economic development. Refact addresses a critical question: What happens to an SME without access to working capital? Over the past seven years, SMEs have faced significant challenges in obtaining financing. The financing process has been lengthy and tedious, resulting in many SMEs being unable to secure funding due to a lack of assets to use as collateral. Consequently, the supply chain has been adversely affected, impacting various sectors. This has resulted in approximately 7.4 million SMEs being adversely affected by these challenges.

The sender is required to interrupt their busy daily activities to visit a Western Union or MoneyGram branch and wait in line to remit money to their relatives back home. This process is limited to working hours and weekdays only. Similarly, the recipient is compelled to travel long distances to withdraw the cash, a task also confined to working hours and weekdays.

SmartCash addresses several key challenges in the realm of payments and financial transactions. Firstly, it eliminates the inconvenience and security risks associated with carrying physical cash or credit cards. By enabling users to make payments directly from their mobile phones using QR codes, SmartCash reduces the need for physical currency and minimizes the risk of loss or theft. • Secondly, SmartCash streamlines the payment process for both consumers and merchants. With traditional payment methods, such as cash or credit cards, transactions can often be time-consuming and cumbersome. SmartCash simplifies this process by offering a quick and efficient way to transfer funds and settle bills, saving both time and effort for users and merchants alike. • Additionally, SmartCash enhances financial inclusivity by providing a digital payment solution that is accessible to a wide range of users, including those who may not have access to traditional banking services. By offering a convenient and secure way to make payments using mobile phones, SmartCash helps bridge the gap between the unbanked population and the formal financial system. • Overall, SmartCash addresses the challenges of convenience, security, and financial inclusivity in the realm of payments, offering a modern and efficient solution for both consumers and merchants.