Interswitch Rolls Out Biometric Solution to Enhance Payments Security in Nigeria

Strategic Insights -

Interswitch, a leading digital payments solution provider in Nigeria, is set to introduce an advanced biometric feature to its payment ecosystem, targeting to combat banking fraud at point-of-sale (POS) terminals and automated teller machines (ATMs) across the country. The technology, to be rolled out in partnership with SterlingPRO, aims to reduce the risk of cybercriminals obtaining sensitive personal data and Personal Identification Numbers (PINs) to perpetrate fraudulent financial transactions. This move responds to the growing wave of financial fraud in Nigeria, where cybercriminals have been successful in compromising cardholders' accounts.

Key Takeaways:

  • Interswitch is introducing a biometric solution with advanced features to enhance payments security at POS terminals and ATMs in Nigeria.
  • The technology is being rolled out in partnership with SterlingPRO, a cash management and business banking platform.
  • The biometric solution will reduce the risk of cybercriminals obtaining sensitive personal data and PINs.
  • The introduction of biometrics is expected to enhance customer safety and reduce transaction time.
  • The technology will also enable card personalization and instant issuance across different payments platforms.
  • Interswitch is committed to innovating and delivering technologies that meet customer demands for payment security and safety.

Statistics:

  • Over 50% of cybercriminals in Nigeria obtain sensitive personal data and PINs to perpetrate financial fraud (Source: Interswitch)
  • Biometric authentication reduces the risk of financial fraud by up to 90% (Source: Interswitch)
  • The biometric solution will be rolled out across 5,000 POS terminals and ATMs in Nigeria (Source: SterlingPRO)

Sources:

  • "Interswitch Rolls Out Biometric Solution to Enhance Payments Security in Nigeria" - Business Post (2023)
  • ID4Africa Webinar - Mitchell Elegbe, Founder and Group Managing Director, Interswitch (2020)
  • SterlingPRO Press Release - Partnership with Interswitch to Roll Out Biometric Solution (2023)