Muinmos Partners with Africa Due Diligence

RegTech firm Muinmos has announced a partnership with Africa Due Diligence (ADD™), a UK-based company specializing in AI-powered due diligence and risk intelligence across 54 African countries. As part of the collaboration, Muinmos has acquired an equity stake in ADD™ and will provide its onboarding technology and KYC solutions.

ADD™ aims to improve trust within African financial markets by conducting KYC checks on investors and due diligence on African financial institutions. According to the company, this "double-edged approach" intends to foster a compliant investment ecosystem within the African market, which McKinsey analysts estimate could reach $230 billion in revenue by 2025.

ADD™'s services also target foreign investors and businesses seeking access to African markets, offering intelligence to mitigate market-entry barriers. The company reports verifying over 1,000 African nationals within its first four weeks of operation.

Joe Tom Nyama, Founder & CEO of ADD™, stated, "Businesses and investors struggle with fulfilling KYC requirements in Africa, which differ country to country, institution to institution, as well as with regulators. Our mission is to transform due diligence in Africa, fostering safer and more trusted international business transactions and driving market participation across the continent."

A key objective of the partnership is to improve investor approval rates in Africa by utilizing Muinmos' automated verification technology. ADD™ claims that this technology can credibly verify 65% more clients compared to standard market practices in Africa. Additionally, the ADD™ platform will offer verification services for businesses seeking to vet potential African employees.

"Our partnership with Muinmos brings significant credibility to our business, providing us with the ability to deliver an elite customer experience and uncompromising compliance," Nyama said. He added that Muinmos' technology allows for self-verification checks that meet various jurisdictional requirements and enables financial institutions to enhance their due diligence processes.

Remonda Kirketerp-Møller, Founder & CEO of Muinmos, commented, "Africa is a hugely untapped market for brokers and other financial institutions, and KYC is one of the first areas that needs to be addressed in order to open up opportunities for them. It is a real challenge to get clients onboarded in the region, often due to verifying addresses or because individuals don't have passports for proof of identity. ADD™ solves this by providing a frame of trust which allows both investors and financial institutions to safely interact."