Digital-focused Microfinance institution (MFI) in Zimbabwe joined join the world in celebrating the 20th annual Cybersecurity Awareness Month this October.
The theme for Cybersecurity Awareness Month this year is #SecureOurWorld.
Biometrics by definition is the use of automated recognition of individuals or customers by means of unique physical characteristics, typically for the purposes of security.
It is the use of physical characteristics, such as fingerprints, iris, or faces, to identify and verify customers.
“From our experience in this industry, we realised that the use of Know Your Customer, besides delaying the onboarding process also creates challenges when we want to disburse borrowed funds. The biggest question is how do we verify that the person to whom we are giving the cash is exactly the same person who applied? It’s the lowest form of identity theft used by scammers and fraudsters;” wrote the institution.
“As MoneyMart finance we have come to the conclusion that biometrics plays an important role in our business, which is the provision of nano, micro, and small loans, savings, insurance, and other financial services to our customers at the bottom of the pyramid with women and youth as our chosen priority.”
MoneyMart is convinced that biometrics will help in changing the way business is done.