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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.","BRINGING SMART POLICIES TO LIFE  \nKYC Innovations, Financial Inclusion and Integrity In Selected AFI Member Countries  \nMarch 2019  \nAFI SPECIAL REPORT  \nACKNOWLEDGEMENTS  \nThis 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.  \nSpecial 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.  \n© 2019 (February), Alliance for Financial Inclusion. All rights reserved.  \nAFI SPECIAL REPORT  \nKYC INNOVATIONS, FINANCIAL INCLUSION AND INTEGRITY IN SELECTED AFI MEMBER COUNTRIES  \nMarch 2019  \nContents  \n03 List of acronyms  \n\n| 04 1. Introduction |\n| --- |\n| 08 2. KYC, identity and financial inclusion |\n| 14 3. KYC case studies in AFI member countries\u003Cbr>16 3.1 Brazil\u003Cbr>22 3.2 Peru\u003Cbr>26 3.3 Nigeria\u003Cbr>34 3.4 Eswatini/Swaziland\u003Cbr>37 3.5 West Africa Economic and Monetary Union (WAEMU)\u003Cbr>41 3.6 Egypt\u003Cbr>46 3.7 Jordan\u003Cbr>51 3.8 Bangladesh\u003Cbr>56 3.9 Russia |\n\n60 4. Cross-cutting insights  \n61 4.1. Restrictive legal conception of identity  \n62 4.2. KYC requirements established in terms of input rather than outcome  \n63 4.3. Tiered KYC has taken root and helped address exclusion  \n64 4.4. Biometrics and new innovative technology  \n65 4.5. Limitations of electronic record-keeping inhibits effective innovation  \n66 4.6. Opportunity for greater interoperability of identification databases  \n67 4.7. Limited gender-based KYC innovation  \n68 4.8. Identity and proof of residential address  \n\n| 72 5. FinTech perspectives and KYC Solutions\u003Cbr>73 5.1. FinTech solutions and possibilities in customer due diligence\u003Cbr>76 5.2. Challenges hindering the growth of FinTech innovation |\n| --- |\n| 78 6. Conclusion |\n| 80 7. Recommendations |\n| 88 Annexure 1:\u003Cbr>List of stakeholders |\n| 89 Annexure 2:\u003Cbr>Bangladesh options for identifying customers for mobile services |\n| 90 Works cited |\n\n95 Footnotes  \nList of acronyms  \nAFDB   \nAFI   \nAML   \nAPI   \nATM   \nBCB   \nBCEAO   \nBFIU   \nBVN   \nCBE   \nCBJ   \nCBN   \nCDD   \nCENFRI   \nCFT   \nCGAP   \nCOAF   \nDFSWG   \nDLT   \nECOWAS   \neKYC   \nESAAMLG ~~ ~~~~ ~~  \nFATF   \nFIU   \nFSP   \nGAFISUD   \nGDP   \nAfrican Development Bank Alliance for Financial Inclusion Anti-Money Laundering Application Programming Interfaces  \nAutomatic Teller Machine Central Bank of Brazil Central Bank of West African States  \nBangladesh Financial Intelligence Unit  \nBank 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  \nConsultative Group to Assist the Poor  \nCouncil for Financial Activities Control Digital Financial Services Working Group  \nDistributed Ledger Technology Economic Community of West  \nAfrican States Electronic-Know Your Customer  \nEastern and Southern Africa Anti-Money Laundering Group  \nFinancial Action Task Force Financial Intelligence Unit Financial Service Providers Financial Task Force on Money Laundering in South America Gross Domestic Product  \nGIABA   \nGPS   \nID   \nID4D   \nIHRC   \nITU   \nJo-NAFTECH  \nKYC   \nLift   \nML   \nMMO   \nMNO   \nMOI   \nMOU   ","cbCaiol9GuiZjPmb","https://ap.wps.com/l/cbCaiol9GuiZjPmb","pdf",7123506,103,"English","en",105,"# List of acronyms\n# 1. Introduction\n# 2. KYC, identity and financial inclusion\n# 3. KYC case studies in AFI member countries\n## 3.1 Brazil\n## 3.2 Peru\n## 3.3 Nigeria\n## 3.4 Eswatini/Swaziland\n## 3.5 West Africa Economic and Monetary Union (WAEMU)\n## 3.6 Egypt\n## 3.7 Jordan\n## 3.8 Bangladesh\n## 3.9 Russia\n# 4. Cross-cutting insights\n## 4.1. Restrictive legal conception of identity\n## 4.2. KYC requirements established in terms of input rather than outcome\n## 4.3. Tiered KYC has taken root and helped address exclusion\n## 4.4. Biometrics and new innovative technology\n## 4.5. Limitations of electronic record-keeping inhibits effective innovation\n## 4.6. Opportunity for greater interoperability of identification databases\n## 4.7. Limited gender-based KYC innovation\n## 4.8. Identity and proof of residential address\n# 5. FinTech perspectives and KYC Solutions\n## 5.1. FinTech solutions and possibilities in customer due diligence\n## 5.2. Challenges hindering the growth of FinTech innovation\n# 6. Conclusion\n# 7. Recommendations\n# Annexure 1: List of stakeholders\n# Annexure 2: Bangladesh options for identifying customers for mobile services\n# Works cited","[{\"question\":\"Who commissioned and prepared the report?\",\"answer\":\"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.\"},{\"question\":\"Which countries are included in the KYC case studies?\",\"answer\":\"The contents list case studies for Brazil, Peru, Nigeria, Eswatini/Swaziland, West Africa Economic and Monetary Union (WAEMU), Egypt, Jordan, Bangladesh, and Russia.\"},{\"question\":\"What themes are covered beyond the case studies?\",\"answer\":\"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.\"}]","KYC Innovations, Financial Inclusion and Integrity in Selected AFI Member Countries - March 2019 | PDF",1792700198,260,{"code":4,"msg":82,"data":83},"ok",{"site_id":75,"language":74,"slug":84,"title":65,"keywords":85,"description":66,"schema_data":86,"social_meta":140,"head_meta":142,"extra_data":144,"updated_unix":79},"kyc-innovations-financial-inclusion-and-integrity-in-selected-afi-member-countries-march-2019","",{"@graph":87,"@context":139},[88,102,122],{"@type":89,"itemListElement":90},"BreadcrumbList",[91,95,97,100],{"item":92,"name":93,"@type":94,"position":8},"https://docshare.wps.com","Home","ListItem",{"item":96,"name":9,"@type":94,"position":14},"https://docshare.wps.com/document/",{"item":98,"name":40,"@type":94,"position":99},"https://docshare.wps.com/document/research-report/",3,{"item":101,"name":65,"@type":94,"position":19},"https://docshare.wps.com/document/kyc-innovations-financial-inclusion-and-integrity-in-selected-afi-member-countries-march-2019/638854/",{"url":101,"name":65,"@type":103,"image":104,"author":109,"headline":65,"publisher":111,"fileFormat":114,"inLanguage":74,"description":66,"dateModified":115,"datePublished":116,"encodingFormat":114,"isAccessibleForFree":117,"interactionStatistic":118},"DigitalDocument",{"url":105,"@type":106,"width":107,"height":108},"https://docshare.wps.com/thumbnails/kyc-innovations-financial-inclusion-and-integrity-in-selected-afi-member-countries-march-2019/638854.png","ImageObject",300,407,{"name":63,"@type":110},"Person",{"url":92,"name":112,"@type":113},"DocShare","Organization","application/pdf","2026-10-29","2026-10-22",true,{"@type":119,"interactionType":120,"userInteractionCount":14},"InteractionCounter",{"@type":121},"ViewAction",{"@type":123,"mainEntity":124},"FAQPage",[125,131,135],{"name":126,"@type":127,"acceptedAnswer":128},"Who commissioned and prepared the report?","Question",{"text":129,"@type":130},"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.","Answer",{"name":132,"@type":127,"acceptedAnswer":133},"Which countries are included in the KYC case studies?",{"text":134,"@type":130},"The contents list case studies for Brazil, Peru, Nigeria, Eswatini/Swaziland, West Africa Economic and Monetary Union (WAEMU), Egypt, Jordan, Bangladesh, and Russia.",{"name":136,"@type":127,"acceptedAnswer":137},"What themes are covered beyond the case studies?",{"text":138,"@type":130},"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.","https://schema.org",{"og:url":101,"og:type":141,"og:title":65,"og:site_name":112,"og:description":66},"article",{"robots":143,"canonical":101},"index,follow",{"doc_id":61,"site_id":75}]