Reports reaching CEOAFRICA from Abuja is that the Governor of the Central Bank of Nigeria (CBN), Malam Lamido Sanusi, has said the banks would begin to capture the biometric data of customers to ensure better services from next year.

Sanusi who unveiled this information on Tuesday, while signing a contract with Dermalos Ltd, a German company that will handle the Banking Industry Biometric Solution Project, said the biometric database would boost customer’s confidence in the banking system and provide solutions to authentication, fraud, credit extension and financial inclusion, among other issues.

According to him, “The underlining issue facing many banks in Nigeria is lack of unique identity of Nigerian customers.

“So, the first thing we need for any kind of transformation in the banking industry around money laundering, around fraud, around financial inclusion is to be able to properly identify customers.

“And the biometrics gives you a unique identification because you cannot change your finger.

“If a bank lends to you, it knows that it is you it has lent to, and it can reach you and have you pay; you are not going to take on a different identity.

“If you commit fraud in one bank or borrow from one bank, and do not pay, the next bank that wants to check your credit record will know that you have a history of bad loan.

“So, it improves the entire confidence around which the banking system is built on,’’ he declared.

Sanusi also said that the biometric database would solve the problem of irregular signature, and also ensure more participation of uninformed people.

“We have a large population of illiterates. People go to ATM and cannot remember their pin numbers, but with biometric ATMs and POS, with your finger you can withdraw your money.

“And also, if you go to the bank and you don’t have your check book your finger is all the identification you require for you to take your money.

So it is a transformational and revolutionary solution that will completely transform the Nigerian payment system,” he said.

The CBN chief also said that the initial stage of the biometric database would be completed within 90 days with at least one branch of every bank linked to the data base.

He said that after completing the database of commercial banks, the initiative would be extended to others like microfinance banks and mortgage banks.

According to the Managing Director of Zenith Bank, Mr Godwin Emofiele, who is also the chairman of the biometric solution sub-committee, said the project would cost more than 50 million dollars at the initial stage.

He said that the banks would share the cost of the projects and no customer would be charged either directly or indirectly for the project.