Banks to replace ATM Card with finger print by February 14 2014

Name: Banks to replace ATM Card with finger print by February 14 2014 Review
Item: Banks to replace ATM Card with finger print by February 14 2014
Rating: 5
Author: stiphbami

Posted by: b3rrilyn in News Nov 6, 2013

The Central Bank of Nigeria and the Bankers Committee on Tuesday�sealed a biometric solution pact with a German Firm, Dermalog, for the development of a payment system that would be driven by fingerprints.

What this means is unlike the current practice where different instruments are used as means of�identification, bank customers will from 2014 be identified through their fingerprints.

Sanusi, while speaking at the signing of the agreement, which was held at the central bank’s headquarters in Abuja, noted that the system would become operational on February 14, 2014.

This move followed the recommendation of a sub-committee chaired by the�Group Managing Director, Zenith Bank Plc, Mr. Godwin Emefiele.�
The cost of the project is above $50m and the banks, in their wisdom and in line with their collaborative efforts, are going to be sharing the cost of the project, and no customer is going to be charged for this project.