Interswitch and a new intelligent addressing startup company, known as OkHi, have announced its SAVP (Smart Address Verification Product). It has partnered with Africa’s leading technology company, the Interswitch group.
Interswitch is a technology-driven company whose service is based on e-payments and digital payments on the continent of Africa. Quickteller and Interswitch’s has become the first to adopt OkHi SAVP on their revenues and wallet service.
OkHi was first established in Kenya in 2014. The company service provides digital address verification to many financial organizations. It solved economic growth, blocking many Nigerians’ access to loans and project funds.
The OkHi SAVP technology will make verifying customers address easy for Nigeria financial companies.
The verification will be done through smartphones. It will reduce the stress of utility bills or doing physical visits.
With this new launching, Interswitch group will deliver an OkHi address to their customers. It will give them access to bigger wallets, quick loans and increase last-mile delivery. It was compromised through Global Mall and the prominent Quickteller’s Citimart.
Also, Quickteller users with OkHi addresses can use it for private purposes or other logistic services. It goes a long way in making daily tasks easier.
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This creative technology provides an option to the already existing KYC and some paper-based methods. Thereby providing a less stressful digital service, which will help reduce onboard times and less operating costs.
With the rapid adoption of digital in Nigeria and changes in the way people communicates, the advent of OkHi can be described as well-timed.
In recent documentation with Stanbic IBTC, OkHi verified that it could enhance the precision of address verification by 29%, boost the speed by a 4x increase, and 52% reduction in costs.
The founder and CEO of OkHi, Timbo Drayson, talk about how OkHi created the first solution in the whole world that can receive a very valid address and confirm it on a smartphone.
And Interswitch provides OkHi to millions of Nigeria through Quickteller. This move gives OkHi a platform to end financial inclusion in the country.
The divisional CEO of the Industrial ecosystem for Interswitch Group is Mrs Chinyere Don-Okhuofu.
She drops a comment on the announcement. She talked about how Interswitch takes their customers and their needs severe and the company dedication to recognizing chances to open economic importance for Africans.
Furthermore, she also stated that the alliance with OkHi is to provide a solution to request a well digitized and simple address verification system. for handling a considerable obstacle to the development of financial services on the continent of Africa.
A statement released by OkHi noted that the absence of an addressing system amounts to $3 billion a year in the Nigerian economy. Lack of addressing system makes it hard for financial companies to know the actual location of customers.
Ongoingly, the process is done physically. At the same time, Financial companies will have to review utility bills, which cannot be trusted and are sometimes inaccurate.
As an alternative to this, financial companies physically send an agent to visit the address, which is considered expensive and sluggish.
So when a customer changes to the home, the address is deemed out of date.
When a financial company providing financial services doesn’t have a fully verified address where the customer lives, there is a significant limit to the financial assistance they can render to such customers. OkHi will be operating directly with many other notable customers in the financial service and mobile lending world. In contrast, they expected to play their role in the digital change in Nigeria.
