Verifyme Building the Nigerian Trust Infrastructure

• Nigeria

Case Study Summary

The case is the story of VerifyMe Limited, a company formed out of the unfortunate security experience of one of its founders. The opening video explained the unfortunate experience that led to the formation of the company and how it had progressively grown over time.

External Author(s)

Edidiong Esara - LBS Case Writer#

Case Study

The case is the story of VerifyMe Limited, a company formed out of the unfortunatesecurity experience of one of its founders. The opening video explained theunfortunate experience that led to the formation of the company and how it hadprogressively grown over time. The company has grown by gradually taking advantageof opportunities in its business environment. The company started as an identitycompany and steadily moved to become an address verification company by settingup structures that enabled its clients to know their customers and satisfy regulatoryrequirements. At the 2022 company retreat, the CEO and his team reviewed theprogress of the company and what the future should be. He wanted the company to bea unicorn and to expand into the use of the data they had acquired in the identity andaddress verification business in helping their clients to know their business and whatmore to do. As good as this expansion is, the CEO also worries about the role ofgovernment as regulators, competitors in infiltrating and changing the businesslandscape, their human resources challenges, and what these potent for theexpansion drive. The company had done well but needed to understand the strategy toadopt to reach the position envisaged by the CEO and his co-founder.