VerifyMe Introduces Instant Vehicle License Verification Service in Nigeria

VerifyMe Nigeria, a digital identification and consumer analytics technology business, has developed a digital plate number verification solution that immediately verifies motor vehicle and owner data via plate numbers.

VerifyMe continues to bring relevant products to market, such as license plate verification, to assist support growth in the fintech, insurance, and services industries. These industry-enabling goods are made possible by government agencies like the FRSC’s continuing digitization and mandate to facilitate growth in the digital economy.

The plate number verification solution, according to Esigie Aguele, Co-founder/CEO of VerifyMe Nigeria, is designed to meet the demand for reliable real-time data in Nigeria’s booming vehicle and asset verification sector. It will also enable insurance companies to instantly onboard customers while also maintaining full compliance and security.

“We are excited about the potential that the Plate Number Verification service opens up for the insurance business,” he stated. The Federal Road Safety Corps (FRSC) is supporting this project, which will increase trust in the system by allowing parties to validate vehicle details in real time, reducing future concerns and delays during claims.

According to the Nigerian Insurers Association (NIA), the auto-insurance business has a N50 billion premium growth opportunity, despite the fact that around 77 percent of cars in the country are now uninsured. The huge number of unregistered vehicles and vehicles with forged registration licenses on the highways aggravates the problem, limiting motor-insurance penetration in the country.

Furthermore, used cars account for around 95% of the Nigerian auto market, making it vital to check vehicle details for end-to-end transaction trust. In addition, the country has around 15% of Africa’s ride-hailing app users. The Vehicle License Number API will make vehicle sales and purchases more frictionless, increase consumer lending, and improve industry security.

VerifyMe is known for its unique solutions and revolutionary leadership within the digital identification and open financial infrastructure area. It is a pioneering African startup that uses practical technology to tackle Africa’s challenges. In the StartupBlink 2021 report, the company was named a Notable Ecosystem Champion in Nigeria.