Interswitch, digital payments solution provider, is in the process of rolling out a new solution designed with advanced biometric features to help fight banking fraud at point-of-sale (POS) terminals and automated teller machines (ATMs) across payment ecosystems in Nigeria.
The technology will be rolled out thanks to Interswitch’s strategic partnership with cash management and business banking platform SterlingPRO, and officials from the payments company say the move towards biometrics responds to the growing wave of fraud which has seen cyber criminals obtain critical personal data and personal identification numbers (PINs) to perpetrate fraudulent financial transactions.
The introduction of the new solution means users across the broad will be sure of an increased level of safety, lesser time to identify themselves and carry out their transactions, and will also be spared of the stress of having to remember or change passwords or PINS quite often.
Speaking on the importance of the biometrics feature to be introduced, Akeem Lawal, Interswitch managing director of Payment Processing and Switching, said that: “Biometrics is changing the payment landscape and will shape the future of digital identification. Therefore, we are set to introduce the biometrics feature on PoS & ATMs to the market. We are excited about the introduction of this solution because we are confident that on successful activation of the solution across the market, Nigerian cardholders can easily transact without the fear of their accounts being compromised.”
Lawal also assured that they will continue to innovate by delivering technologies that meet the growing exigencies of customers in terms of assuring the safety and security of their everyday payments and other financial transactions.
Interswitch says beyond the fingerprint biometrics deployment, it is also looking forward to a win-win solution that will enable card personalization and instant issuance across different payments platforms, notes Business Post.
The company is among those making efforts to revolutionize Nigeria’s payments system through technology, with its Mitchell Elegbe, founder and group managing director speaking in an ID4Africa webinar back in 2020 on how Nigeria’s social and economic growth can be enhanced through digital identity.
SterlingPRO’s fellow Sterling Bank subsidiary Specta recently struck a deal to deploy thousands of fingerprint scanners from BIO.