According to a report by Nigerian Communications Week, the Central Bank of Nigeria (CBN) has revealed that it is working toward the replacement of the ATM pin code with biometric identification.
The revelation was made at the recent Nigeria Electronic Fraud Forum where Dipo Fatokan, of CBN, stressed the need to step up to a more secure biometric standard.
“Your [ATM] pin and account details are not supposed to be disclosed to a third person,” he said. Fatokan added that cardholders who are illiterate or incapacitated often must share this information in order to use an ATM.
Due to this issue, biometric ID offers a logical and secure solution to this problem because, as Fatokan explained, “There is no way you can give your finger to a third party.”
Despite the apparent optimism of the CBN, there was no inclination of when the shift to biometric ID will take place.
Fatokan acknowledged that the high cost of biometric hardware means that migration will take time, but as the CBN views this as an essential element in the bank’s efforts to stop banking fraud, it is only a matter of time according to Fatokan.