Leading identity management and transaction payments firm, Chams Plc has entered into strategic partnership with Dermalog Identification Systems on the implementation of the Central Bank of Nigeria (CBN) and Bankers Committee initiated banking industry KYC biometric project. Headquartered in Germany, Dermalog will provide technical support to Chams, the preferred local technology firm providing the end-to-end solution. Dermalog is the leading global company in the field of bio-payment with the largest number of biometric patents.
Mr. Demola Aladekomo, Group Managing Director of Chams Plc said, “The implementation of a biometric authentication solution for the banking industry by the Central Bank and Bankers Committee will transform Nigeria’s financial services landscape by bridging the gap between the formal and informal economy. This policy initiative can only lead to accelerated socio-economic growth because it removes all identification barriers preventing millions of Nigerians from having access to basic financial services, and will by implication boost access to micro-credit.”
Mr. Aladekomo disclosed that beyond boosting financial inclusion, the initiative will also enhance security of funds of bank customers, shorten transaction time, and minimize use of cash, cheques and cards. He added that Chams Plc entered into technical partnership with Dermalog – one of the leading global biometric payments corporations – to ensure the delivery of a robust solution that will offer reliable user authentication to banks and other financial institutions for the benefit of millions of banked, under banked and unbanked Nigerians.
Gunther Mull, Managing Director, Dermalog Identification Systems said, “We have deployed identification systems solutions across developed and emerging economies which have enhanced the value of banking products and transactions for financial institutions and their customers. The learnings from financial market where we worked on similar deployments, especially in fingerprint payment on Automated Teller Machines and inside banking halls, will be brought to bear on our partnership with Chams Plc as we deliver high performance biometric solutions to the Nigerian banking industry.”
Luqman Balogun, MD/CEO of Card Centre Limited and Project Manager, Bankers Committee KYC Biometric Project said, “The deployment of a KYC biometric system by the Central Bank of Nigeria and the Bankers Committee will ameliorate the customer identification and verification challenges facing banks and other financial institutions in Nigeria due to the existence of numerous identity systems that are not standardized and integrated into centralized database for customer identity verification. This project is a win-win situation for financial institutions and Nigerians because improve access to financial services will greatly boost the number of bank customers.”
The banking industry biometric KYC project was necessitated by the absence of a central and standardized identity database with supporting infrastructure for identification and verification of customers in Nigeria’s fast growing financial markets. More so, lack of standardized identification system also deny 34.9 million Nigerian adults – about 39.7 percent of the adult population – access to basic financial services. This project will improve access of millions of Nigerian adults to a range of secure, convenient and high quality financial products and services such as savings, credit, insurance, payments and pension, which were denied adults in the low income segment.