Chipper Cash has launched Chipper ID, an AI-powered suite of verification services, aimed at solving industry-wide customer onboarding and compliance issues in the African market. Chipper ID has been designed to tackle Know Your Customer (KYC) issues across the African continent.

These challenges include difficulties in verifying IDs, which are often impacted by mobile issues, as well as sub-par KYC solutions. The main aim is to protect against pipeline losses in business operations and prevent fraudulent users. The suite consists of five core product areas: Liveness: an on-device machine learning system that detects authentic users by identifying that a human is completing the process rather than a video or AI deepfake.  Facial Verification: a one-to-many verification supported by deep learning to identify fake or duplicated image submissions.  Document Verification: a multi-tiered deep learning system that processes a vast series of document types.  Sanctions and Watchlist Screening: Screen Sentinel, a dynamic screening system, and ScreenGPT, a screening bot for comprehensive compliance.  Back Office Portal Hub: for centralised and streamlined compliance management.

Chipper Cash's KYC Solution According to the press release, the company had experienced mediocre solutions on the African continent for verification, as many tools were built for the Western world. Hence, Chipper Cash began to put in place the foundation blocks for Chipper ID, to reduce fraud and yield better results across onboarding and verification. Chipper ID sets out to address common compliance issues including expensive vendor solutions not tailored for the African market, siloed screening data, evolving global regulations, and false positives, utilising AI to enhance the accuracy and efficiency of data collection and analysis.

More about Chipper Cash Headquartered in the US, Chipper Cash is a financial services company that features a software application platform. It enables free instant cross-border mobile money transfers in Africa aiming to make transfers as easy as sending a text message. The company’s mission is to provide trusted and accessible financial services for people living in African continent. According to an article from Bloomberg published in March 2023, Chipper Cash was reportedly considering selling the company or seeking new investors.

According to a response sent to Bloomberg, the company mentioned that it is fairly common practice to receive various M&A proposals from different parties, however, it has never sought to be acquired. .