Muinmos has entered into a partnership with Africa Due Diligence, a UK-based provider of AI-powered due diligence and risk intelligence.
This collaboration aims to enhance compliance and trust across Africa’s financial sector, presenting significant growth opportunities in a market anticipated to reach $230bn in 2025 revenue according to McKinsey analysts.
The partnership has been catalysed by Muinmos acquiring an equity stake in ADD. This move is set to empower ADD with advanced onboarding technology and an effective KYC solution tailored to meet the complex needs of the African financial landscape.
ADD specialises in conducting comprehensive KYC checks of investors and due diligence on African financial institutions. These institutions offer their services through ADD’s innovative platform, which aims to foster a competitive, compliant investment ecosystem. The platform also extends its services to foreign investors and businesses seeking reliable partners in Africa, thus facilitating access to this vast, under-tapped market.
Muinmos brings to the partnership its state-of-the-art automated verification technology, which is expected to increase investor approval rates by 65% compared to the current market standard in Africa. The technology enhances the credibility and efficiency of the KYC processes, making it a cornerstone of the collaboration.
Further enhancing the partnership, ADD uses an independent network of verifiers to ensure that African financial institutions meet the highest standards of legality, financial stability, and reputation. This network is skilled in legal, financial, and operational vetting, ensuring transparency and reliability in the verification process.
Joe Tom Nyama, Founder & CEO of ADD, remarked, “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.”
Remonda Kirketerp-Møller, Founder & CEO of Muinmos, also commented on the partnership, “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. We are very excited to support ADD and to drive growth in Africa.”
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