In its attempt at eliminating fictitious address verification during the mandatory Know Your Customer procedure in banks and other financial institutions, DataPro, one of Nigeria’s leading compliance solutions company, has introduced the capturing of the Global Positioning System featuring the latitude and longitude of an address.
Speaking to journalists in Lagos recently, the Executive Director, Operations of the company, Mr. Oladele Adeoye, said, “Since the company pioneered the outsourcing of address verification by banks in 2010, one major challenge has been how to have a fool-proof method of documenting the process.’
“With the recent introduction of our mobile application, the company is now able to completely eliminate fictitious address verification by capturing the GPS, photograph and all other physical characteristics of any address in Nigeria on-line and real time.”
He further stated that the mobile application would eliminate all paper work, guarantee proof-of-work and achieve robust turn-around-time.
According to Oladele, the process is fraught with a lot of bottlenecks in Nigeria because the country does not have a comprehensive, reliable and up-to-date database of names and addresses of all its citizens.
He said, Financial institutions are thus saddled with the task of using both secondary and primary techniques of verification to meet this statutory obligation which has exposed a lot of their employees to professional hazards.
In order to eliminate these field hazards and enable the bank employees concentrate on their core competence, DataPro said it had brought outsourcing of the primary technique which is address verification to the industry.