Cybersecurity firm Identy.io has announced plans to process one billion biometric identity verification transactions in Nigeria, betting on rising demand for secure digital identity infrastructure across the country’s banking, telecoms, and public services sectors.
CEO Jesus Aragon announced at an executive roundtable on mobile biometric innovation in Lagos, where he outlined the company’s technology and its fit for Nigeria’s rapidly expanding digital financial services market.
How the Platform Works
Identy.io’s mobile biometric platform allows users to verify their identity directly on smartphones, without external scanners or centralised infrastructure. It supports fingerprint and facial recognition and is built to function in low-connectivity environments, a critical requirement for a country where millions of users rely on agency banking in rural areas.
The platform integrates with Nigeria’s Bank Verification Number system and the Nigeria Inter-Bank Settlement System, enabling financial institutions to carry out secure remote authentication. It also includes liveness and deepfake detection capabilities to identify fake fingerprints, manipulated images, masks, and other fraudulent attempts during onboarding.
Notably, biometric data captured during authentication is stored on users’ devices rather than transmitted to external servers, reducing exposure to data breaches and cyber threats.
Regulatory Tailwinds
Stakeholders at the roundtable pointed to growing regulatory pressure on Nigerian banks following stricter Know Your Customer requirements and fraud prevention directives introduced by the Central Bank of Nigeria. Agency banking operations in rural and low-connectivity areas were flagged as particularly vulnerable, with stronger authentication systems increasingly seen as a necessity rather than an option.
Aragon said biometric authentication could significantly reduce fraud linked to passwords and one-time passwords, offering stronger identity assurance for digital transactions, a timely argument as Nigerian financial institutions face mounting pressure to tighten onboarding and transaction security.
Africa Expansion Underway
Beyond Nigeria, Identy.io confirmed plans to deepen its footprint across Africa, with an active presence already established in Nigeria and Kenya. The billion-scan target signals the company’s confidence that Africa’s digital identity gap represents one of the most consequential opportunities in the continent’s growing cybersecurity market.
