Banking
Interswitch Introduces Advanced Biometrics Features on POS, ATMs
By Aduragbemi Omiyale
In keeping with the times and in a bid to reduce fraud and avail customers of more reliable digital payment and transaction solutions, Interswitch is set to launch a new product that integrates biometrics on Point-of-Sale (PoS) terminals and Automated Teller Machines (ATMs) across multiple acquirers and merchants.
While this solution exists in silos in the Nigeria market, the Interswitch effort, birthed in collaboration with SterlingPRO, which serves as the strategic partner, will be the first and only effort yet to integrate the biometrics solution across ATMs and PoS portals, cutting across multiple issuers, acquirers, and merchants.
One thing worthy of note is that biometrics does not only guarantee an increased level of safety but is also easy to use and saves a lot of time. The biometrics feature also removes the worry of forgetting one’s password or the bother of having to change it regularly.
It is no longer news that fraudsters have continued to devise newer, more intricate schemes and tactics in a bid to obtain private data, such as passwords and Personal Identification Numbers (PINs) and defraud their unsuspecting victims. Sadly, many innocent individuals have fallen victim to these fraudsters even as the trend continues to worsen by the day.
In view of the growing electronic fraud across the world, discerning customers are looking for a more secure and efficient alternative to protect their funds and assets as an improvement on the level of security provided by passwords and PINs.
Technology experts believe that biometrics authentication is the solution to curbing fraud because of its more advanced security and safety levels.
“Biometrics is changing the payment landscape and will shape the future of digital identification. Therefore, we are set to introduce the biometrics feature on PoS & ATMs to the market.
“We are excited about the introduction of this solution because we are confident that on successful activation of the solution across the market, Nigerian cardholders can easily transact without the fear of their accounts being compromised,” the Managing Director, Payment Processing & Switching (Interswitch Purepay), Mr Akeem Lawal, stated.
He assured that the firm will continue to design products leveraging cutting-edge technology that will constantly enhance payment security as it unlocks new frontiers and sets the pace for the rest of the African tech ecosystem.
Biometrics promises to further help drive the growth of the economy. According to Statista, the global digital identity solution market that biometrics is part of is expected to grow from $23.3 billion in 2020 to $49.5 billion in 2026.
In addition to the biometrics solution, Interswitch will be expanding the card personalization and instant issuance offering across the Nigerian payment ecosystem, a solution that is a win-win for both financial institutions and customers.
The customers get to personalize their cards with instant access, the banks /issuers can enhance their customer experience by reducing their wait time, managing their card portfolio more efficiently and enhancing the security of the cards through the shortened issuance process.
However, while the technology company is making a marked effort to ensure our data, information and funds are secure, it is also important that cardholders are conscious of the existence of these fraudsters and continue to take precautionary measures to avoid vulnerability.
By Modupe Gbadeyanka
The six edition of the Hackaholics of Wema Bank Plc has produced 20 top finalists shared equally between two streams, Ideathon and Hackathon.
The Hackathon finalists are Rapid DEV, Secure IT, Neurafeed, Trust Lock Babcock, Pulse Track, IlluminiTrust, Trust Lock FUTA, Fix Fraud AI, KASH Flow and VOC AI.
The Ideathon finalists include PLOY, Fertitude, VarsityScape, Mama ALERT, StockMed, Chao, All Arbitrate, FarmSlate, Sane AI and Cycle X.
They emerged after a two-day pre-pitch held on December 16 and 17, 2025, for the grand finale slated for Friday, December 19, 2025.
They grand finale of Hackaholics 6.0 will convene the top players in Africa’s tech and innovation ecosystem, creating an avenue for these finalists to not only put their creativity to the ultimate test but also give their solutions visibility to potential investors for additional funding opportunities beyond the prizes to be won.
The prizes to be won for the Ideathon include N25 million for the winner, N20 million for the first runner-up, N15 million for the second runner-up and N5 million each for two women-led teams.
In the Hackathon category, the first to fourth-place winners will receive N20 million, N15 million, N10 million and N5 million, respectively.
The pre-pitch saw the top 43 contenders battle in a game of innovation and problem solving, presenting compelling pitches for a chance to make it to top 10 in their respective streams.
After a rigorous stretch of pitches and presentations, the top 20 emerged, securing their spot in the grand finale of Hackaholics 6.0.
“Hackaholics started off as a hackathon and morphed into an ideation. For Hackaholics 6.0, the sixth edition, we decided to give both the builders of new solutions and the refiners of existing ones, an opportunity to make meaningful impact.
“For us at Wema Bank, we understand that innovation isn’t just building from scratch. Sometimes, it’s looking at what exists and developing new ways to optimise that and create more efficiency. This is the idea behind our two-stream Ideathon-Hackathon structure.
“Every year, Hackaholics shows us just how eager and motivated Nigerian youth are when it comes to exploring creativity and innovation, and we are honoured to be the institution that provides them with the platform and resources to put this drive to good use.
“We toured seven cities, indulged 1,460 participants and discovered hundreds of remarkable ideas; some of which needed some refining and some of which deserved to move to the next stage.
“For those who needed to go back to the drawing board, we provided useful guidance and for the top contenders, we were able to shortlist to the top 43, who proceeded to the pre-pitch. To every participant, Wema Bank is proud of you. This is just the beginning,” the chief executive of Wema Bank, Mr Moruf Oseni, said.
By Adedapo Adesanya
The Nigeria Customs Service (NCS) says it will enforce penalties against designated banks that delay the remittance of customs revenue, in a move aimed at strengthening transparency and safeguarding government earnings.
This was disclosed in a statement on the NCS official account on X, formerly known as Twitter and signed by its spokesman, Mr Abdullahi Maiwada, who said the delays undermine the efficiency, transparency, and integrity of government revenue administration.
“The Nigeria Customs Service has noted instances of delayed remittance of customs revenue by some designated banks following reconciliation of collections processed through the B’odogwu platform,” the statement read.
“Such delays constitute a breach of remittance obligations and negatively impact the efficiency, transparency, and integrity of government revenue administration.
“In line with the provisions of the Service Level Agreement executed between the Nigeria Customs Service and designated banks, the Service hereby notifies stakeholders of the commencement of enforcement actions against banks found to be in default of agreed remittance timelines.”
Mr Maiwada disclosed that any bank that fails to remit collected Customs revenue within the prescribed timeline will be liable to penalty interest calculated at three per cent above the prevailing Nigerian Interbank Offered Rate for the period of the delay.
He added that affected banks would be formally notified of the delayed amounts, the applicable penalty, and the deadline for settlement.
“Accordingly, any designated bank that fails to remit collected Customs revenue within the prescribed period shall be liable to penalty interest calculated at three per cent above the prevailing Nigerian Interbank Offered Rate for the duration of the delay.
“Affected banks will receive formal notifications indicating the delayed amount, applicable penalty, and the timeline for settlement,” the statement read.
By Aduragbemi Omiyale
The deputy managing director of First Bank of Nigeria (FBN) Limited, Mr Ini Ebong, has offloaded some shares of FBN Holdings Plc, the parent firm of the banking institution.
A regulatory notice from the Nigerian Exchange (NGX) Limited confirmed the development on Thursday.
It was disclosed that the transaction occurred on Friday, December 12, 2025, on the floor of the stock exchange.
The sale involved about 11.8 million shares, precisely 11,783,333 units traded at N31.14 per share, amounting to about N366.9 million.
Mr Ebong, who studied Architecture from University of Ife and obtained Bachelor and Master of Science degrees, became the DMD of First Bank in June 2024. Prior to this appointment, he was Executive Director, Treasury and International Banking since January 2022.
He was previously the Group Executive, Treasury and International Banking, a position he held since 2016 after serving as the bank’s Treasurer from 2011 to 2016.
Before joining First Bank, he was the Head of African Fixed Income and Local Markets Trading, Renaissance Securities Nigeria Limited, the Nigerian registered subsidiary of Renaissance Capital. He also worked with Citigroup for 14 years as Country Treasurer and Sales and Trading Business Head.
He has a passion for market development and has worked actively to drive change and internationalisation of the Nigerian financial markets: foreign exchange, fixed income and securities.
He has worked closely with regulatory bodies such as the Central Bank of Nigeria (CBN) and the Debt Management Office (DMO) in assisting with the development of fresh monetary and foreign exchange policies, to broaden and deepen markets and open them up to international practices.
At various times he has facilitated and delivered courses and seminars on a wide variety of subjects covering Money Markets, Securities and Foreign exchange trading and market risk management subjects to regulators, corporate customers, banks and market participants.
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