Nigeria launches major biometrics project

19 February 2014

Nigeria's banks have launched a large-scale biometrics project, which will help to improve financial security by registering the fingerprints and facial features of customers.

As part of its continued efforts to fight fraud and put an end to money laundering, the Central Bank of Nigeria has unveiled the scheme, which will involve commercial banks recording the details of millions of people in the coming months

This data will then be used to help identify customers at ATM machines and also at point-of-sale, which should help to reduce fraud considerably, according to the Central Bank and Bankers' Committee, which has also been a driving force behind the initiative.

It is hoped that the increasing prevalence of biometrics technology will also help to move Nigeria away from a cash-based economy to a credit-based one, which would have the subsequent effect of making it easier for lenders to identify customers.

A further benefit could be the rollout of financial services to remote areas that have previously failed to keep up with new developments in the sector.

 

By Claire Archer

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