VerifyMe Nigeria, a digital identification and consumer analytics technology business, has developed a digital plate number verification solution that quickly verifies motor vehicle and owner data via number plates.
The number plate verification service, according to Esigie Aguele, co-founder and CEO of VerifyMe Nigeria, is meant to satisfy the need for reliable real-time data in the vehicle and asset verification industry. It will also allow insurance companies to onboard customers quickly while preserving complete compliance and security.
He said: “We are enthusiastic about the possibilities Plate Number Verification service offers in opening new opportunities for the insurance sector. This initiative, supported by the FRSC will ensure trust in the system as the parties in a transaction can confirm the particulars of a vehicle real time and mitigate future issues and delays during claims.
The Nigerian Insurers Association (NIA) estimates that the auto-insurance business has a N50 billion premium growth opportunity, despite the fact that around 77% of cars in Nigeria are now uninsured. The enormous number of unregistered vehicles and vehicles with fraudulent registration licenses on the roads aggravates the problem, making motor-insurance penetration in the country difficult.
Furthermore, because used cars account for nearly 95% of the Nigerian auto market, it is 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.