Unbanked or underbanked is a related term that refers to individuals that prefer to manage their finances through cash transactions instead of more traditional financial services, such as checking accounts, savings accounts, credit cards, and loans. In Nigeria, the rate of unbanked is alarmingly high.
A bank in Nigeria would like to drive financial inclusion in the country by introducing biometric identification cards. They are in search for a new solution that especially benefits to those who are marginalized.
INNOVATRICS Match-on-Card solution covers part of the customer verification during the payment process. The biometric cards would deliver financial services at an affordable cost to the disadvantaged and low-income segments of the society.
Customers can now use the biometric cards to access formal financial services such as cash deposits and withdrawals, payment of bills, recharging cards, transfer of funds, etc.
In effect, the newly deployed solution supports the initiative of the Central Bank of Nigeria to reduce the unbanked rate from 46.3% to 20% by 2020.