-CBN outlines plans to replace ATM pins with biometrics.
-According to CBN, the biometric is much secure but more expensive to maintain.
CBN to introduce biometrics in place of ATM pins.
The Central Bank of Nigeria (CBN) has revealed plans to replace pins being currently used for automated teller machines (ATM) with biometrics scanning in no distant future.
Dipo Fatokun, chairman, Nigeria Electronic Fraud Forum (NeFF) and CBN director of banking and payment system, disclosed this in a statement at 2017 annual retreat of the Nigeria Electronic Fraud Forum (NeFF) in Ibadan during the weekend.
According to him, the expense involved in setting up the technology to be used in biometric operations is what is responsible for the delay.
Fatokun said the introduction of biometrics would help in the fight against electronic fraud which is been experienced with the use of pins.
“Your pin and account details are not supposed to be disclosed to third person but as you rightly said, we have some people who are not literate or incapacitated and that makes them to disclosing their details to third party,” he said.
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“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 enabling, it will make our system to be more secure and make all our transactions to be validated.
“But biometric electronic devices are very expensive because of the technologies involved but I am sure, we shall get there soon.”