Your Fingers Will Replace ATM Code Soon – CBN
Your fingers or even your face will soon be able to fetch you cash from automated teller machines, ATMs.
The Central Bank of Nigeria, CBN says this would be possible through the Bank Verification Number, BVN.
The BVN will make it possible for one to use such biometrics instead of pin codes.
Director of Banking and Payment Systems at CBN, Dipo Fatokun, hinted reporters of the future over the weekend at 2017 annual retreat of the Nigeria Electronic Fraud Forum (NeFF).
He said the introduction of biometrics into banking system was part of the efforts of the CBN to ensure successful fight against electronic fraud in banking sector.
Fatokun noted that though, sharing of pin code with third parties was against the policy of banking sector, he, however, admitted that it could not be avoided in some circumstances.
One of such circumstances is a situation where the account holder is not literate, or he is incapacitated, he may be forced to disclose his pin code to third parties.
"Your pin and account details are not supposed to be disclosed to third person but what we are canvassing is that in a time soon to come, with the BVN in place, biometrics will be used for transactions on ATM.
"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 enabled, it will make our system to be more secure and make all our transactions to be validated.
"But biometric electronic devises are very expensive because of the technologies involved but I am sure, we shall get there soon," Fatokun said.
One issue, however, with biometric data in Nigeria, according to experts is that there are different agencies that have obtained biometrics which must be merged for it to work effectively and give birth to a synchronised system.
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