The rise of digitalization in Africa brings both benefits and challenges.
In particular, cyberattacks and fraud are increasing due to rapid and uncontrolled digitalization. One of the most common forms of these threats is identity fraud.
To counter this, global payment company Mastercard and digital identity verification provider Smile ID have partnered to deliver secure digital identity solutions. Mastercard announced that this collaboration aims to make the fight against identity fraud easier and to enhance digital inclusion across the continent.
As part of the partnership, Mastercard’s global insights and identity technology will be combined with Smile ID’s data verification and fraud detection capabilities, bringing benefits to Africans.
In addition, the collaboration will enable banks, fintech companies, mobile money operators, and other businesses to onboard new customers more quickly. This will help reduce identity fraud and expand access to the financial system.