Identy.io, a United States-based cybersecurity and mobile biometric authentication company, has announced plans to process one billion biometric identity verification transactions in Nigeria within the next few years as digital banking adoption continues to expand across the country.
The company said increasing demand for secure digital identity systems within the banking, telecommunications, and public sectors is creating fresh opportunities for biometric authentication solutions, especially as financial institutions strengthen compliance and anti-fraud measures.
Speaking at an executive roundtable on mobile biometric innovation in Lagos, Chief Executive Officer of Identy.io, Jesus Aragon, said Nigeria’s fast-growing digital financial services sector requires more reliable and scalable identity verification technology to support customer onboarding and transaction security.
He explained that the company’s mobile biometric solution enables users to verify their identities directly from their smartphones without depending on physical scanners, external devices, or centralized processing infrastructure. Brandspur Banking News Desk reports that the technology supports fingerprint and facial verification while functioning effectively in areas with limited internet connectivity.
According to Aragon, the platform is designed to integrate with Nigeria’s Bank Verification Number (BVN) system and the Nigeria Inter-Bank Settlement System (NIBSS), allowing financial institutions to carry out secure remote identity authentication.
He stated that the company’s technology includes liveness detection and deepfake identification features capable of detecting fake fingerprints, manipulated images, masks, and other fraudulent identity attempts during digital onboarding processes.
The Identy.io boss added that the company’s offline verification capability distinguishes it from several existing solutions in the market, noting that biometric authentication can be completed entirely on users’ mobile devices without constant internet access.
He further disclosed that biometric information captured during authentication remains on the user’s device instead of being transferred to external servers or centralized databases, reducing exposure to data breaches and cyberattacks.
Industry stakeholders at the roundtable also discussed the increasing pressure on Nigerian banks to improve customer verification processes following stricter regulatory directives by the Central Bank of Nigeria on Know Your Customer (KYC) compliance and fraud prevention.
Participants noted that agency banking operations in rural and low-connectivity locations continue to face security and onboarding challenges, creating demand for stronger and more flexible authentication systems.
Aragon maintained that biometric authentication could significantly reduce fraud associated with passwords and one-time passwords (OTPs), stressing that biometrics provide stronger identity assurance for financial transactions.
The company also confirmed that it has expanded its footprint across Africa, Latin America, and the United States, with operational presence already established in Nigeria and Kenya.
Aragon expressed confidence that Nigeria’s banking and telecom industries would generate massive biometric verification volumes in the coming years as financial inclusion and digital payment systems continue to deepen nationwide.
