BANKS TO IDENTIFY CUSTOMERS BY FINGERPRINTS IN 2014. EMBARKS ON $50M DEAL WITH GERMAN FIRM.

The Central Bank of Nigeria and the Bankers Committee yesterday sealed a biometric solution pact with a German Firm, Dermalog, for the development of a payment system that would be driven by fingerprints. The move, according to the CBN Governor, Mr. Lamido Sanusi, will help to revolutionise the country’s payment system.

For instance, unlike the current practice where different instruments are used as means of identification, bank customers will be identified through their
fingerprints by 14^th of February, 2014 when it would become operational. The cost of the project is above $50m and the banks are going to be sharing the cost of the project while customers wont be charged.