Compliance technology provider Muinmos said on Thursday that it has formed a strategic partnership with Africa Due Diligence (ADD), a fellow compliance firm focused on providing verification services across Africa.
As part of the deal, Munimos confirmed that it would take an equity stake in ADD. The company did not state how much of the company it will own as part of that deal.
The deal will also see ADD using Muinmos technology for onboarding and KYC.
ADD only went live last month and has since started onboarding clients in a number of different countries.
The company’s main goal is to provide compliance and verification services to companies operating in Africa.
“Our partnership with Muinmos brings significant credibility to our business, providing us with the ability to deliver an elite customer experience and uncompromising compliance,” said ADD Founder and CEO Joe Tom Nyama.
“Muinmos has helped us to create solid foundations for ADD, leveraging their impressive KYC solution, their reliable technology and strong credentials in data security. Together, we have created an environment where users can conduct self-verification checks which meet the requirements in different jurisdictions. Users can share their KYC token with financial institutions, and financial institutions can partner with us for enhanced due diligence to get more clients approved in Africa.”
