The Central Bank of Nigeria (CBN) has started a $50m Biometric Solution project in collaboration with the Bankers’ Committee in Lagos, as part of its plan to enable financial firms to combat fraud and money laundering.

Under the project, a central database comprising the fingerprints and facial features of all bank customers across the country will be created over the next few months.

Following completion of the proposed biometrics registration project, the data will used to identify customers at ATMs and the point-of-sale. This will enable in reducing the risk for cyber crime, ATM fraud and other kinds of financial crimes.

Central Bank of Nigeria governor, Mallam Sanusi Lamido Sanusi, was quoted by All Africa as saying that the system will spread financial services to remote, rural areas of the country and enable banks to cut costs by sharing physical infrastructure.

Furthermore, that the new project will assist transforming Nigerian into a credit-based community.

CBN has set the deadline of 18 months and asked the banks in the region to complete the exercise of biometric registration of all customers across the country within the time frame.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.