VerifyMe Foresees Digital Identity Sector Jumps To 7% Of GDP By 2030

The digital identity sector, according to a report by VerifyMe Nigeria, would rise to seven per cent of the nation’s real Gross Domestic Product by 2030.

The report titled, ‘Digital ID in Nigeria: State of the Industry,’ said the digital economy (information technology sector) contributed about 18 per cent to the GDP in the second quarter of 2021.

This, according to the report, is a testament to the government’s drive to promote a digital transformation agenda aimed at facilitating social and financial inclusion, economic development, and transaction transparency.

The Co-founder and Chief Executive Officer, VerifyMe, Esigie Aguele, said: “As an identity and KYC company that is helping to solve the problem of financial inclusion, VerifyMe sees the digital identity space not just as a business but as a critical aspect of sustainable development and financial inclusion in Nigeria and Africa.

“We see the partnership Dalberg Advisors, a leading impact advisory group that brings together strategy consulting, design thinking, big analytics, and research to address complex social and environmental challenges, as critical.

“Not only does the Digital ID in Nigeria: State of the Industry report provide a comprehensive snapshot of the Nigerian digital identity ecosystem, but we also believe it will promote standardisation and build capacity and collaboration within the Nigerian industry.”

The report read that the nation’s aspiration to deepen its quest for digital economy will materialise once there are investments in enabling infrastructures such as in the digital identity space.

According to the firm, contributors to the report include Director-General, National Identity Management Commission, Aliyu Aziz.