Customers that find it difficult to operate ATM machines, may have easier options on the way, as the Central Bank of Nigeria is currently finalizing arrangements for biometric transactions to take place. Chairman of the Nigerian Electronic Fraud Forum (NEFF) and a Director in the CBN’s banking and payment systems department Dipo Fatokun disclosed this during the annual retreat of the forum.
The apex bank in a circular issued in July 2016 instructed banks to embed biometric data in payment cards. The directive was issued to facilitate biometric transactions on devices such as ATMs and POS. Biometrics captured during the Bank Verification Number (BVN) registration include photographs and finger prints.
Payment processor, Interswitch had recently introduced a code which allows bank customers to withdraw money from an ATM without using an ATM card.
Why is the apex bank doing this ?
A large proportion of Nigeria’s population is illiterate and has difficulty keying their ATM details. These individuals often have to rely on bank staff or complete strangers. This often results in fraud. Using biometrics will thus make it individuals to carry out banking transactions.
Why the transition may be slow
Banks in the country may be slow in carrying out the order due to the cost implicationswhich would run into billions of Naira. ATM machines would have to be upgraded to perform biometric transactions. The same would apply to ATM cards.