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Business News of Tuesday, 17 May 2022


Tech firm unveils vehicle licence verification service

Fleet of cars Fleet of cars

Leading digital identity and consumer analytics technology company, VerifyMe Nigeria, has unveiled a digital plate number verification service that verifies motor vehicle and motor owner data instantly via plate numbers.

A statement signed by the Co-founder/CEO, VerifyMe Nigeria, Esigie Aguele, said the plate number verification service was designed to fill the need for trusted real-time data within Nigeria’s burgeoning vehicle and asset verification market.

He added that it would also enable insurance companies to instantly onboard customers while also maintaining full compliance and security.

He said, “With products such as license plate verification, VerifyMe, continues to bring relevant products to market to help power growth in the fintech, insurance, and services industries.

These industry-enabling products are made possible by continued digitisation in government agencies such as Federal Road Safety Corps and their continued mandate to enable growth in the digital economy.

“We are enthusiastic about the possibilities Plate Number Verification service offers in opening new opportunities for the insurance sector. This initiative, supported by the Federal Road Safety Corps will ensure trust in the system as the parties in a transaction can confirm the particulars of a vehicle real time and mitigate future issues and delays during claims.

“The Nigerian Insurers Association estimates that the auto-insurance sector has an N50 billion premium growth opportunity while about 77 per cent of cars in the country are currently uninsured. This situation is exacerbated by the high number of unregistered vehicles and vehicles with fake registration licenses on the roads which significantly stunts motor-insurance penetration in the country.”

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