In the month of November, SoftNet took part in the 2nd East Africa Microfinance Summit 2016 that took place from the 2nd to the 4th at the Julius Nyerere International Conference Center in Dar Es salaam.
The theme of the summit was “Accelerating financial inclusion for economic development” and SoftNet’s CEO, Nuru Yakub Othman, as a panelist member, made a presentation titled “E-KYC Based on the National ID System”, which was accompanied by a live demonstration by the SoftNet team. The panel discussion was titled “E-KYC – a solution to financial Inclusion?” SoftNet also had a booth that showcased the E-KYC solution based on NID system.
In a nutshell, the presentation and exhibition done by SoftNet was about an electronic solution for the KYC (Know Your Customer) process which entails a financial institution identifying and verifying the identity of its clients. The KYC policy is an important step to prevent identity theft, financial fraud, money laundering and terrorist financing. The objective of KYC is to enable financial institutions to know and understand their customers better and help them manage their risks prudently.