Nigeria FinTech Landscape - Impact Assessment
Global FinTech Enablers -Infrastructure India
India has created a technology stack which various technology infrastructure that
creates an enabling environment for financial services
The India Stack
India Stack is a set of
APIs that allows
governments,
businesses, startups
and developers to
utilise an unique digital
Infrastructure to solve
India's hard problems
towards presence-less,
paperless, and
cashless service
delivery
India Stack provides 4 distinct technology layers
Presenceless layer
AADHAAR
Where a universal biometric digital identify allows
people to participate in any service from anywhere in
the country
The Aadhaar which is a 12 digit unique identification
number i.e. biometric digital identity that allows Indians
to participate in services from anywhere in the country
Cashless layer
UPI
Where a single interface to all the country's bank
accounts and wallets to democratize payments
NPCI launches Unified Payments Interface, the most
advanced public payments system in the world to
revolutionize digital payments in India
MED PARENTSINCE
Paperless layer
AADHAAR
e-KYC
Where digital records move with an individual's digital identity,
eliminating the need for massive amount of paper collection and
storage
UIDAI launched eKYC which allows businesses to perform Know
Your Customer verification process digitally using Biometric or
Mobile OTP
DigiLocker
CCA launches eSign as an open API to facilitate an Aadhaar holder
to digitally sign a document and MeitY launches DigiLocker, a
platform for issuance and verification of documents & certificates in
a digital way, thus eliminating the use of physical documents
A
Consent layer
Which allows data to move freely and securely to democratize the
market for data
All technology is built on a set of APIs which allows for safe sharing
of data
EFINA
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