Staying Ahead in an Evolving Landscape
While regulatory authorities tighten their grip on KYC compliance, many fintechs are grappling with the complexities of integrating these changes. However, Paga has maintained a proactive stance and is well ahead of the curve, regularly upgrading its KYC systems to adapt to emerging threats and ensure customer information is always shielded from harm.
Paga has fostered strong relationships that attest to an unwavering commitment to security and compliance. Earlier this year, Paga partnered with Smile ID to improve security at the point of onboarding. This partnership will 100% clamp down on users who create multiple accounts for the purpose of money laundering and fraud. The partnership has also reduced fraud by a whooping 40%.
Paga Stands Apart: Setting the pace for Trust and Reliability
In line with its commitment to making life possible for Nigerians, Paga remains dedicated to securing the financial well-being of its customers. At Paga, KYC is not just a policy; it’s a promise to provide a secure platform where customers’ financial needs and aspirations can find meaningful solutions.
Why KYC Matters
Know Your Customer (KYC) is a set of policies and procedures designed to verify the identity and financial activities of customers. These policies serve a dual purpose: to ensure that Paga’s services are not exploited for illicit activities and, more importantly, to create a secure and trusted space for customers to transact and manage their finances.
Without robust KYC measures, financial systems become vulnerable to fraud, money laundering, and other illicit activities. Beyond fulfilling regulatory requirements these measures have been at the heart of the values that Paga holds dear – access, reliability, and security. These are essential qualities that make Paga a trusted brand among its customers.
The Paga KYC Advantage
With over a decade of experience in building a network of 18 million agents, consumers, and merchants, Paga understands the importance of putting security first. Our KYC system, designed to be both thorough and customer-friendly, is a reflection of our commitment to providing a secure platform for all transactions. By taking proactive steps with our KYC security early in 2023, we continue to build trust and transparency with our users.
