Nigeria: CBN chooses German company to roll out biometric scheme
German group Dermalos has been selected by The Central Bank of Nigeria (CBN) to capture bank customers' biometric data.German group Dermalos has been selected by The Central Bank of Nigeria (CBN) to capture bank customers' biometric data.
CBN Governor Lamido Sanusi
said the biometric project was conceived to provide authentication solutions against fraud to boost confidence in the banking sector, as he believes that this lack of trust is the reason why many unbanked people in the country had not embraced banking services.
“The biometrics gives you unique identification because you cannot change your finger. If you commit fraud in one bank or borrow from one bank, and do not pay, the next bank that wants to check your credit record will know that you have a history of bad loan,” said the Governor, quoted by CAJ news.
He added that the first phase of creating the biometric database will cost about $50 million (€37.3 million) and will be completed within 90 days, with at least one branch of every bank linked to the data base.
The initiative will then be extended to other financial institutions such as microfinance banks and mortgage banks.