Connect with us


Biometric Payment Cards an Emerging Frontier in Banking Security – Report



The presence of biometric technologies in banking applications is steadily increasing, and embedded fingerprint sensor payment cards are the latest innovation ready to go public, according to a press release from ABI Research.

The market research firm said that fingerprint embedded payment cards will enjoy impressive growth over the next years, reaching 160 million shipments by 2022, at a five-year compound annual growth rate of approximately 400 percent.

The Middle East, Africa and North America will be among the first regions to record higher shipments during 2018, but Europe and Asia Pacific will have a larger penetration rate over the coming years, ABI said.

According to the release, MasterCard is leading the charge toward biometric payment cards; other key players include FPC, Gemalto, Idemia, Next Biometrics and Zwipe.

Continue Reading


Keystone Bank, NIPOST Partner to Launch Agency Banking



Keystone Bank Limited has launched “KeyServ”(An Agency Banking proposition) to serve customers outside its conventional brick & mortar mode of banking.


The initiative, which is in partnership with Nigerian Postal Service (NIPOST) and i-OneC (A FinTech Firm), is in line with the Central Bank of Nigeria (CBN) Financial System Strategy (FSS2020) goals to increase financial inclusion uptake in Nigeria.


Mr. Obeahon Ohiwerei, group managing director/ chief executive officer, Keystone Bank Limited, said: “Enabling Financial Inclusion is our core area of focus and we have partnered with other industry players to deploy Digital Financial Solutions/ Platforms for improved access to finance; leveraging data to improve the product offerings, personalised & predictive customer service, and uncovering new customer segments”.


“The recent reports on adult Nigerians (according to EFInA) that are financially excluded is 40.1million (41.6% of 96.4million adults). To this end, we are partnering with NIPOST and i-OneC to offer financial inclusion services to un(der)banked Nigerians especially in the rural and less urban areas.

“Under this partnership, KeyServ (Keystone Agency Banking Services) offers services such as Account Opening, Bills Payment, Cash-In, Cash-Out, ATM Services, Fund Transfers, Balance Enquiries, ATM cash withdrawals, Mini Statements and a whole lot more.


“One landmark feature of KeyServ (Keystone Agency Banking Services) is that it offers affordable access to financial services than the traditional banking methods.”


Also, speaking at the launch, Yemi Odusanya, ED Corporate Banking & South, Keystone Bank, added : “With this scheme, customers, especially in the rural areas will enjoy unfettered access to banking services. As at today, we have about 106 approved agents across the country and already, the services are available at Sabongida-Ora (Evbiobe)-Edo State, Sabon Gari (Kano), Mirinjibi (Kaduna), Barnawa (Kaduna), Yaba (Lagos) and Ikoyi (Lagos)”

Continue Reading


Standard Chartered Launch African online Bank



Standard Chartered launched its first African online-only bank in Cote d’Ivoire yesterday, joining a wave of lenders seeking to use new technologies to reach customers in some of the world’s most under-served markets.

Long considered a backwater, Africa has emerged as the world’s No. 2 banking market in terms of both growth and profitability.

Yet there are just five branches per 100,000 adults, by far the lowest rate in the world.

To compete for customers, banks are increasingly taking advantage of Africa’s deepening mobile phone coverage.

Clients of Standard Chartered’s Ivorian bank will be able to open an account in less than 15 minutes and then use an app on their mobile devices to carry out all their banking activities.

“We have been steadily investing in expanding our footprint in Africa over the years, and this will continue to be a priority moving forward,” said Sunil Kaushal, Standard Chartered’s Regional CEO, Africa and Middle East.

“Digitising Africa remains at the heart of our business strategy for the region,” he said, adding that the British bank planned to roll out the model pioneered in Cote d’Ivoire in other African markets in the coming months.

Standard Chartered joins competitors including Lloyds , Kenyan lender CBA’s M-Shwari and Togo-based Ecobank that are focusing their growth strategies around digital banking.

The number of Africans with bank accounts grew from 170 million in 2012 to nearly 300 million last year, according to a study published by management consulting firm McKinsey and Company last month.

That figure is expected to rise to 450 million in the next five years.

McKinsey’s survey found that nearly 40 per cent of all African banking customers preferred digital channels for transactions and more than half of the middle and affluent client segments did.

Continue Reading


AfDB to Partner Nigeria in Power Sector Recovery Program



The African Development Bank (AfDB) says it will support Nigeria’s Power Sector Recovery Programme (PSRP) in three areas.

It listed the areas as operational and technical intervention, governance issues and policy based support.

The bank disclosed this in Abuja on Friday in a statement signed by Mrs Fatimah Alkali, Senior Communications Officer in Nigeria Country Office.

AfDB said it had undertaken a mission to hold further discussions on Nigeria’s PSRP with several stakeholders.

The bank said that the mission was led by Mr Amadou Hott, the Bank’s Vice President for Power, Energy, Climate Change and Green Growth.

It said meetings had been held with relevant ministries, departments and agencies to harmonise plans and areas of intervention.

The ministries and agencies include the Ministries of Finance, Power, the Nigerian Electricity Regulatory Commission, the Transmission Company of Nigeria, World Bank and solar power developers.

The Bank said the programme was designed to promote energy access to rural communities through the expansion of the transmission grid, development of innovative financing products and provision of technical assistance to improve revenue generation by the distribution companies.

It said the goal of the mission was to identify opportunities for collaboration in the programme.

“The bank’s energy strategy identifies energy as crucial not only for the attainment of health and education outcomes, but for industrialisation, reducing the cost of doing business and for unlocking economic potential and creating jobs.

“In line with its high 5 development priorities, the Bank is committed to supporting Nigeria in the effective and efficient implementation of the country’s Power Sector Recovery Program,” the bank said.

The statement quoted the Bank’s President, Dr Akinwumi Adesina, as saying that “Africa is simply tired of being in the dark.

“It is time to take decisive action and turn around this narrative: to light up and power Africa and accelerate the pace of economic transformation, unlock the potential of businesses and drive much needed industrialisation to create jobs” he said.

Continue Reading


Copyright © 2017 Communication Week Media Limited.