Disturbed by the growing threat of fraud and other related crimes in the banking industry, the Central Bank of
The central bank governor described the system as a major development that protects customers from cybercrime, identity theft, money laundering and credit defaults.
According to Sanusi, the issue of unique identity had been a problem in the banking industry over the years. All bank customers are expected to have registered on the biometric system in the next 18 months according to the time-table of the bankers' committee.
Sanusi said: "Imagine a situation whereby within a year and half, we have everybody on the system, if you commit fraud in Maiduguri and try to withdraw the money in
"If you committed a fraud in a bank and you are on the fraud data base, wherever you go and put up your finger, it will pick it up and people will know. "Just the fact that you know that if you commit fraud somewhere, you are not going to use a microfinance bank or a bank is enough to stop money laundering and other crimes."
Continuing, Sanusi said all bank customers' data would be under the custody of the Nigerian Interbank Settlement System (NIBSS) where all commercial banks, microfinance banks and other financial institutions would have access to the information.
"The central bank is going to issue a circular next week to officially inform banks of the commencement of the exercise and banks would also send notice to their customers and everybody would come and register.
"So you can go to any bank or any agent and register and once you register and you are in the system, you can't register again. Banks are not charging customers anything for this," he added.
To the Group Managing Director/Chief Executive Officer,
"By extension we would see how it would affect productivity, in the economy. Given the opportunity that we have right now, where the customers' biometric is given, then it makes it comfortable for us to lend money to customers that want to buy car, we can lend money to farmer that need money to buy fertiliser, cobblers, barbers, or any form of business."
The Managing Director of Dermalog Identification Systems, the German company that was engaged to deploy and implement the biometric system, Mr.
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