KYC Innovations, Financial Inclusion and Integrity in Selected AFI Member Countries - March 2019

Oct 22, 2026

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KYC Innovations, Financial Inclusion and Integrity in Selected AFI Member Countries outlines how identity verification mechanisms shape access to financial services and compliance with anti-money laundering requirements. The report is commissioned by Alliance for Financial Inclusion and developed by CENFRI with oversight from the Digital Financial Services Working Group’s KYC innovations sub-group. It presents acronyms, covers KYC and financial inclusion fundamentals, and analyzes country case studies alongside cross-cutting insights and recommendations, including FinTech perspectives and solution challenges.

LanguageEnglish

CategoryResearch & Report

FormatPDF

Pages103

Reading Time4 h 20 min

AccessFree to download

List of acronyms

1. Introduction

2. KYC, identity and financial inclusion

3. KYC case studies in AFI member countries

3.1 Brazil

3.2 Peru

3.3 Nigeria

3.4 Eswatini/Swaziland

3.5 West Africa Economic and Monetary Union (WAEMU)

3.6 Egypt

3.7 Jordan

3.8 Bangladesh

3.9 Russia

4. Cross-cutting insights

4.1. Restrictive legal conception of identity

4.2. KYC requirements established in terms of input rather than outcome

4.3. Tiered KYC has taken root and helped address exclusion

4.4. Biometrics and new innovative technology

4.5. Limitations of electronic record-keeping inhibits effective innovation

4.6. Opportunity for greater interoperability of identification databases

4.7. Limited gender-based KYC innovation

4.8. Identity and proof of residential address

5. FinTech perspectives and KYC Solutions

5.1. FinTech solutions and possibilities in customer due diligence

5.2. Challenges hindering the growth of FinTech innovation

6. Conclusion

7. Recommendations

Annexure 1: List of stakeholders

Annexure 2: Bangladesh options for identifying customers for mobile services

Works cited

BRINGING SMART POLICIES TO LIFE KYC Innovations, Financial Inclusion and Integrity In Selected AFI Member Countries March 2019 AFI SPECIAL REPORT ACKNOWLEDGEMENTS This report was commissioned by Alliance for Financial Inclusion (AFI) under the Digital Financial Services Working Group (DFSWG) . The report was prepared by CENFRI under the guidance and supervision of the DFSWG’s KYC innovations sub-group. The sub-group was led by Ms. Nadezhda Prasolova (Bank of Russia) and Momoh Sesay (Central Bank of Sierra Leone) . Sub-group member institutions include: Central Bank of West African States (BCEAO), Banco Central do Brasil, Central Bank of Nigeria, Central Bank of Jordan, Superintendencia de Banca (Peru), Central Bank of Egypt, Central Bank of Eswatini, South African Reserve Bank and Bangladesh Bank. We would also like to thank the stakeholders who participated in the study: GSMA, TransferTo, GetSlide, DocFox, Trulioo, BunkedIF and Inclusive Financial Technologies. Special thanks to the authors of thereport: Barry Cooper, John Symington and Masiiwa Rusare; as well as Ali Ghiyazuddin Mohammad, Policy Manager, Digital Financial Services, from the AFI management unit, who also contributed to the report. © 2019 (February), Alliance for Financial Inclusion. All rights reserved. AFI SPECIAL REPORT KYC INNOVATIONS, FINANCIAL INCLUSION AND INTEGRITY IN SELECTED AFI MEMBER COUNTRIES March 2019 Contents 03 List of acronyms | 04 1. Introduction | | --- | | 08 2. KYC, identity and financial inclusion | | 14 3. KYC case studies in AFI member countries
16 3.1 Brazil
22 3.2 Peru
26 3.3 Nigeria
34 3.4 Eswatini/Swaziland
37 3.5 West Africa Economic and Monetary Union (WAEMU)
41 3.6 Egypt
46 3.7 Jordan
51 3.8 Bangladesh
56 3.9 Russia | 60 4. Cross-cutting insights 61 4.1. Restrictive legal conception of identity 62 4.2. KYC requirements established in terms of input rather than outcome 63 4.3. Tiered KYC has taken root and helped address exclusion 64 4.4. Biometrics and new innovative technology 65 4.5. Limitations of electronic record-keeping inhibits effective innovation 66 4.6. Opportunity for greater interoperability of identification databases 67 4.7. Limited gender-based KYC innovation 68 4.8. Identity and proof of residential address | 72 5. FinTech perspectives and KYC Solutions
73 5.1. FinTech solutions and possibilities in customer due diligence
76 5.2. Challenges hindering the growth of FinTech innovation | | --- | | 78 6. Conclusion | | 80 7. Recommendations | | 88 Annexure 1:
List of stakeholders | | 89 Annexure 2:
Bangladesh options for identifying customers for mobile services | | 90 Works cited | 95 Footnotes List of acronyms AFDB AFI AML API ATM BCB BCEAO BFIU BVN CBE CBJ CBN CDD CENFRI CFT CGAP COAF DFSWG DLT ECOWAS eKYC ESAAMLG ~~ ~~~~ ~~ FATF FIU FSP GAFISUD GDP African Development Bank Alliance for Financial Inclusion Anti-Money Laundering Application Programming Interfaces Automatic Teller Machine Central Bank of Brazil Central Bank of West African States Bangladesh Financial Intelligence Unit Bank Verification Number Central Bank of Egypt Central Bank of Jordan Central Bank of Nigeria Customer Due Diligence Centre for Financial Regulation and Financial Inclusion Combating the Financing of Terrorism Consultative Group to Assist the Poor Council for Financial Activities Control Digital Financial Services Working Group Distributed Ledger Technology Economic Community of West African States Electronic-Know Your Customer Eastern and Southern Africa Anti-Money Laundering Group Financial Action Task Force Financial Intelligence Unit Financial Service Providers Financial Task Force on Money Laundering in South America Gross Domestic Product GIABA GPS ID ID4D IHRC ITU Jo-NAFTECH KYC Lift ML MMO MNO MOI MOU

FAQs

Who commissioned and prepared the report?

The report was commissioned by Alliance for Financial Inclusion (AFI) under the Digital Financial Services Working Group (DFSWG). It was prepared by CENFRI under the guidance and supervision of the DFSWG’s KYC innovations sub-group.

Which countries are included in the KYC case studies?

The contents list case studies for Brazil, Peru, Nigeria, Eswatini/Swaziland, West Africa Economic and Monetary Union (WAEMU), Egypt, Jordan, Bangladesh, and Russia.

What themes are covered beyond the case studies?

The report includes cross-cutting insights and FinTech perspectives, covering topics such as legal conceptions of identity, tiered KYC, biometrics, record-keeping limitations, interoperability of identification databases, and gender-based KYC innovation.

Oct 22, 2026

Uploaded by OKfine