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Smile Identity Raises $7m to Build KYC and Identity Verification Tools for Africa

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Smile Identity, the company that enables ID verification and KYC compliance through Artificial Intelligence designed for African faces and identities, announced today that the company had secured $7 million in Series A funding.

Smile Identity Raises $7m to Build KYC and Identity Verification Tools for Africa

Smile Identity Logo

Smile Identity is providing the Identity Verification, Digital KYC, User Onboarding, Document Verification, Liveness Checks, Face Verification, Anti-fraud, and Identity Data Deduplication tools powering the rapid growth and expansion of businesses and startups across Africa.

The investment was co-led by Costanoa Ventures and the pan-African venture firm, CRE Venture Capital, along with participation from LocalGlobe, Intercept Ventures, Future Africa Ventures, and Angel Investors from across Africa and around the world. Existing investors, including Khosla Impact, ValueStream Ventures, Beta Ventures, 500 Startups, and Story Ventures also participated.

The round, which marks the largest investment into an identity verification company focused on Africa, brings Smile Identity’s total funding to over $11M.

The company plans to use the new funding to improve its services, expand across more markets, add support for more ID types and hire more engineers and support staff across Africa.

In conjunction with this round, John Cowgill of Costanoa, will be joining Smile Identity’s board.

Smile Identity launched in 2017 with a mission to make it easy for Africans anywhere to quickly and easily prove their identity online, while providing startups and established enterprises with the tools and software they need to automate customer onboarding, verify identities, and prevent fraud.

Africans spend an inordinate amount of time trying to prove or verify their identities in order to gain access to financial accounts, loans, SIM cards, address proofs, and social services; and an estimated 500 million Africans have no formal identification at all.

“We believe anyone should be able to prove their identity easily, anywhere in the world and that access to a modern digital lifestyle should not depend on the origin of your ID Card or IP address,” said Mark Straub, Smile Identity’s Co-founder and CEO.

To standardize identity verification across the continent and provide a single solution for a new generation of African companies, Smile Identity works with local ID authorities and has built a platform that combines ID validation with proprietary face verification and liveness checks to support non-surveillance, consent-based access and financial inclusion.

The company performs over 1 million identity checks every month across Africa and its software is used in banking, fintech, ride sharing, worker verification, public social welfare programs, and telecommunications.

Its customers include payments companies like Paystack, Paga and Chippercash; neo-banks like Kudabank and Umba; traditional banks like Stanbic IBTC; cryptocurrency exchanges like Binance, Luno, and Paxful; and even supply-chain businesses like Twiga.

“Smile Identity has powered our hyper growth across Africa, accelerating our ability to acquire real users and build a great KYC user experience for our customers. With Smile Identity, we were able to automate our compliance process and reduce KYC completion time by 99%, from 2 days to 2 minutes. Within 6 weeks of turning on Smile Identity’s automated KYC solution, we catapulted to #1 in the South African app store.” Said Chippercash Co-founder and President Maijid Moujaled.

With subsidiaries, branch offices and engineers in Nigeria, Kenya, South Africa, Ghana, Rwanda, Uganda and counting, Smile Identity’s growing team is made up of people from 12 countries, including 8 African nations.


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E-Business

Hisense Electronics Unveils Flagship Showroom in Abuja

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By Fabian Tarpael, Abuja

Hisense electronics unveiled a flagship showroom in Abuja over the weekend. Speaking at the event, Mr. Mustapha Khries, the Abuja Branch Manager of the Fouani Group, highlighted the significance of the flagship store, describing it as the first of its kind in the entire West African region.

He also addressed the challenges facing businesses in Nigeria, particularly the high exchange rates and transportation costs.

“The Fouani Group remains resilient and ready to overcome challenges, unlike others who often exit the market when faced with similar issues.”

Ms. Haifa Du, Senior Sales Manager for Hisense Electronics, emphasized the brand’s commitment to affordability and innovation, stating that Hisense offers the most cost-effective and advanced solutions in the market.

The event underscored Hisense’s dedication to technological innovation and sustainability while reaffirming its leadership position in the consumer electronics market.

Mr. Robbin Wei, Senior Sales Manager of Hisense Group, supported by Mr. Greg and Ms. Haifa Du, showcased various innovative products from the new flagship store.

Among the standout products showcased include; The Hisense 110″ Smart Ultra AMOLED TV, featuring unique capabilities such as a solar-powered remote control and a “locate remote” function to find misplaced remotes easily.


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PalmPay, Jumia Partner to Launch Integration for Shoppers in Nigeria

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PalmPay, Africa-focused fintech operating Nigeria’s most used mobile wallet, and Jumia, Africa’s e-commerce giant, today announce a strategic partnership to enhance the digital payment ecosystem on the continent, starting with payment integrations and co-marketing efforts in Nigeria.

This partnership underscores both parties’ commitment to developing the digital payment ecosystem in Nigeria and grow the use of the cashless economy.

WIth PalmPay now available as a payment method, shoppers on Jumia will now be able to pay for their purchases with the option to check out with their PalmPay wallet, ensuring a seamless user experience and transaction reliability through the direct integration.

“We are proud to partner with Jumia as we bring together the best of fintech and e-commerce to redefine the online shopping experience,” said Sofia Zab, Chief Marketing Officer, PalmPay. “This strategic alliance aligns perfectly with our shared commitment to delivering a superior user experience and exceptional value to our customers.”

Speaking on the partnership, Sunil Natraj, CEO, Jumia Nigeria added: “At Jumia, we are dedicated to creating value for our customers by ensuring a convenient, reliable, and secure shopping experience.

“This partnership with PalmPay strengthens our commitment to enhancing the digital payments within our platform. By integrating PalmPay, we are providing more options for customers to access affordable and quality goods with the convenience of cashless transactions.”

This alliance marks the beginning of a long-term collaboration between two industry giants, aiming to drive innovation, increase convenience for consumers, and foster the adoption of digital payments across Africa.

To celebrate the launch of the partnership, PalmPay and Jumia are launching a special Christmas campaign, running from December 11th to 30th. During this period, customers who make purchases on Jumia using the PalmPay payment method will stand a chance to win exciting cash rewards. More details can be found on the brands’ respective social media pages. @palmpay_ng and @JumiaNigeria.


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Aero Contractors Launches “12 Days of Christmas” Campaign

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Aero Contractors is thrilled to announce the launch of its “12 Days of Christmas” campaign, a festive and engaging social media initiative designed to spread holiday cheer and reward loyal customers.

Running from December 13 to December 24, 2024, this exciting campaign underscores Aero Contractors’ commitment to connecting families, friends, and communities during the holidays.

The “12 Days of Christmas” campaign invites travel enthusiasts, loyal customers, and holiday travelers to participate in fun and interactive activities on Aero Contractors’ social media platforms, including Instagram, Facebook, and X (formerly Twitter). Each day will feature engaging posts such as trivia, puzzles, and challenges designed to ignite the festive spirit and encourage community participation.

Participants are encouraged to follow Aero Contractors’ social media pages, engage with the daily posts by liking, commenting, or sharing, and follow the specific instructions for each day’s activity.

Winners will be selected daily and announced on the respective platforms. Exciting prizes await participants, with the grand reward of a free return economy class ticket—a perfect gift for reconnecting with loved ones or exploring new destinations this holiday season.

“At Aero Contractors, we believe in the power of togetherness, especially during the holidays,” said Capt. Ado Sanusi, Managing Director of Aero Contractors.

“Our ‘12 Days of Christmas’ campaign is our way of giving back to the community that has supported us throughout the year. It’s an opportunity to engage, celebrate, and reward our customers while spreading joy and festive cheer.”

This campaign targets travel enthusiasts, loyal Aero Contractors customers, and families looking to make the most of the holiday season. Through this initiative, Aero Contractors reaffirms its dedication to safe, reliable, and efficient air travel, bringing people closer when it matters most.

Follow Aero Contractors on Instagram, Facebook, and X to join the “12 Days of Christmas” campaign. Engage daily for a chance to win a free return economy class ticket and other exciting offers.


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