The Central Bank of Nigeria (CBN) has decided to replace use of ATM card pin on card transactions with biometric technology.
The plan was unveiled by Dipo Fatokun, chairman, Nigeria Electronic Fraud Forum (NeFF) and CBN director of banking and payment system, at 2017 annual retreat of the Nigeria Electronic Fraud Forum (NeFF) held in Ibadan.
Fatokun said that incorporation of biometrics into banking is part of the central bank’s plan to reduce risk of fraud during banking transactions.
He noted that although sharing ATM pin codes with a third party is considered violation of the banking rules, illiterate or incapacitated users have to share the PIN details with to a third party, thereby raising fraud risk.
Fatokun said: “That means if you want to transact with your ATM, you will need to use your biometrics. There is no way you can give your finger to a third party. If that is enabling, it will make our system to be more secure and make all our transactions to be validated.”