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In the rapidly evolving debt crowdfunding industry of Saudi Arabia, Manafa a leading player in the market, stands out by connecting investors with local ventures. With a focus on security and responsible investment practices, Manafa aimed to revamp their account verification process to enhance their platform and improving the overall customer experience.
Simplifying Investor Verification with Open Banking
Ensuring that investment returns are securely withdrawn to accounts owned by KYC-verified users was a critical challenge for Manafa. This verification step was essential not only for an improved user experience but also for compliance with the Saudi Arabian Monetary Authority (SAMA) regulations.
By integrating Lean’s cutting-edge Account Verification solution, Manafa was able to streamline their verification processes, significantly reducing the time required to verify account ownership by 40%. This collaboration mitigated bounce back risks, ensured compliance, and enhanced the overall user experience, allowing Manafa to provide a secure and efficient platform for their investors.
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