Biometric ATM Introduced in Nigeria for Safety, Convenience, and Financial Inclusion

by Mercator Advisory Group 0

ATM Fingerprint

A bank in Nigeria recently launched the country’s first biometric ATM that provides the option of finger-print-based authentication.

The bank says that the biometric ATMs will use fingerprint authentication as well as personal identification number (PIN) for the approval of their transactions to secure their funds.

The biometric ATM solution is available to the existing cardholders, who may wish to add biometric authentication as part of their transaction approval process on our ATMs in addition to PIN selection, while systematically new cardholders would be issued cards with only biometric authentication functionality, he adds.

“….this is a great feat for the bank especially at this period where fraud prevention and building customer confidence on the use of electronic channels are key customer acquisition and retention strategies. This would also drive financial inclusion, a Central Bank initiative to address the banking needs of the unbanked population.”

Though biometric authentication in financial and payment services didn’t fare too well in some developed markets, it appears to be finding its place in an increasing number of developing markets. The lack of mature, reliable, and widely available authentication methods for financial transactions make biometric authentication methods appealing to a large group of users.

Read original article here: http://www.technologytimesng.com/2011/02/13/first-bank-unveils-pioneering-biometric-atm-machines-in-nigeria/7