The final step was to work with GlobaliD to create the “Bonifii credential”
The Bonifii credential is a specific type of decentralized digital identity. It gives underserved individuals a secure, private way to access traditional banking services.
Bonifii created the digital credential along with GlobaliD, a trust platform and digital wallet. This credential transforms the new account opening process for unbanked or underbanked consumers. It streamlines how financial institutions get the information they need to open an account. Plus, the credential’s end-to-end digital online application process offers a secure entry point into a financial account.
For underbanked people, this could be a pathway to greater financial stability.
Financial institutions can use the Bonifii credential to achieve higher levels of assurance and confidence than they’d get from traditional application methods.
“Real financial inclusion will only be possible with fraud-resistant mechanisms that can adapt to peoples’ real-life situations and economic activities,” said Bonifii CEO John Ainsworth.