Economy
MasterCard Partners Varsity on Mobile Biometrics in Financial Services
By Modupe Gbadeyanka
People unlock their phone and, increasingly, shop and pay with the touch of their finger. They don’t get locked out when they forget a password because it has been replaced with a simpler, more secure option, mobile biometrics.
Whether using a fingerprint, an iris scan or a “selfie” to confirm identity, banks see biometric technology as a way to provide greater convenience and security to customers as they use their accounts.
But, it’s still early days in mobile biometrics, and a new report from MasterCard and the Department of Computer Science at the University of Oxford highlights a big barrier.
Only 36 percent of relevant banking executives feel they have adequate experience to deliver.
To overcome this knowledge gap, ‘Mobile Biometrics in Financial Services: A Five Factor Framework’ explores this fast-evolving technology landscape and provides bank executives with guidelines to successfully bring mobile biometrics to life. Simply put, they need to focus on Performance, Usability, Interoperability, Security and Privacy.
Some of these factors are more visible to the consumer, having a real impact on user experience, while others operate behind the scenes. But, long-term success for a bank requires that they address all factors equally to protect against threats.
The framework can help financial service companies avoid the trap of focusing only on the ones their customers see.
“Biometric authentication has a lot of potential, but it is important to address the objectives of each of the Five Factors when designing solutions. Working together with MasterCard enables us to solve for realistic threats to the industry with the best technical and scientific ideas. Users will need consistency, quality and assured security for this technology to thrive,” said Professor Ivan Martinovic, Department of Computer Science at the University of Oxford.
Mr Ajay Bhalla, president, Global Enterprise Risk & Security, MasterCard, commented on the research initiative in a blog published today, saying, “Effective mobile biometrics melt into the broader experience of consumer-centric financial services, giving people the power to instantly access their financial information or make a payment. They’re driving the trend toward a password-free future where digital identity is all about who we are, not what we remember.”
Considering that global sales of smartphones are expected to reach $400 billion by next year, people everywhere will increasingly have access to the tool that makes mobile biometrics possible.
Banks see that as an opportunity, and with initiatives like the collaboration with the University of Oxford and pioneering biometrics solutions like MasterCard Identity Check Mobile, MasterCard is a partner to deliver widespread and responsible adoption of mobile biometric solutions in financial services.
As Bhalla continued, “This framework is fundamental to accelerating the deployment of mobile biometrics for consumers and industry alike, but collaboration is key. We can only achieve this if industry, academia, governments and technology vendors understand and contribute to the evolution of the Five Factor Framework for mobile biometrics.”
“MasterCard and Oxford have done important work in exposing some of the root causes for the inconsistent adoption of mobile biometrics in financial services,” said Ravin Sanjith, Program Director: Intelligent Authentication, Opus Research. “We expect the Five Factor Framework to become an indispensable aide for industry professionals and decision makers to have better informed, strategic discussions that drive towards more efficient and successful high-scale implementations.”
An Opus Research synopsis of the research contains a breakdown of the critical issues financial service companies need to address to successfully guide their businesses through the biometric journey, ensuring they’re making the right decisions every step of the way. The white paper is now available here.
In addition, a webinar on the Five Factor Framework will be hosted by Opus, in collaboration with MasterCard, on July 11.
By Adedapo Adesanya
APM Terminals Apapa has reported a 31.5 per cent increase in export volumes for April 2025, reaching its highest monthly figure since operations began in 2006.
The terminal handled 8,687 twenty-foot equivalent units (TEUs) of export cargo, up from 6,606 TEUs in April 2024.
According to the terminal manager, Mr Steen Knudsen, this underscores a major milestone in Nigeria’s growing export momentum and reflects years of sustained growth and strategic investment in export infrastructure.
“It’s advantageous for Nigerian shippers when ships depart our ports fully loaded with exports. Preventing ships from leaving empty positively influences the overall cost of shipments into Nigeria,” he said.
Mr Knudsen attributed the growth to targeted operational improvements and alignment with national economic priorities.
“Our aim aligns with the Federal Government’s vision of transforming Nigeria into an export-driven economy. To support this, we launched a new rail service in February to expedite the movement of goods from the hinterland to Apapa port,” he revealed.
“We’ve expanded our yard capacity for exports and introduced dedicated truck lanes to streamline the process, reducing the time exports spend in the terminal and ensuring timely ship departures,” he added.
Mr Knudsen praised top agencies including Nigerian Ports Authority (NPA) and Nigerian Railway Corporation (NRC) for their support in enabling the terminal to focus on delivering top-tier services to its customers.
Since acquiring the Apapa concession, the company has made significant capital investments to boost capacity, efficiency, and overall terminal productivity.
In the last four years, APM Terminals Apapa has recorded a steady rise in export volumes. In 2022, the terminal handled 53,807 TEUs of exports. This number rose to 70,432 TEUs in 2023 and 77,631 TEUs in 2024.
As Nigeria’s largest container terminal and a subsidiary of the A.P. Moller Maersk Group, APM Terminals Apapa continues to play a central role in the modernization and expansion of the country’s maritime logistics network.
By Aduragbemi Omiyale
President Bola Tinubu’s Senior Special Assistant on Entrepreneurship Development in Communications, Innovation and Digital Economy, Ms. Chalya Shagaya, has commended Legend Internet Plc for listing its shares on the Nigerian Exchange (NGX) Limited.
Last month, the internet service provider (ISP) listed about two billion stocks valued at N12.4 billion on the local bourse, becoming the first indefinite telecom operator in Nigeria to do so, reflects strong investor confidence in nation’s digital economy.
Speaking during a visit to the headquarters of the organisation, Ms Shagaya praised the team led by Mr Bruce Ayonote for the achievement.
“The listing of Legend Internet Plc is not just a corporate achievement, it is a national win. It sends a powerful message to indigenous digital and tech companies that the capital markets are within reach,” Ms Shagaya stated.
The President’s aide further highlighted the alignment of this success with the Renewed Hope Agenda of her boss, emphasising the administration’s dedication to building a business-friendly environment driven by digital transformation and inclusive economic growth.
She also applauded the tech firm for its inclusivity efforts, noting that the majority of its executive and senior members of staff are women, describing this as a progressive example of gender representation in leadership, which aligns with national goals for women’s inclusion in economic development.
Ms Shagaya expressed her readiness to support Legend Internet and its affiliate company, Suburban, in future initiatives, including expansion of digital infrastructure, innovation policy development, and capacity building programs for entrepreneurs.
She also stressed the ripple effect such achievements could have on the broader ecosystem, from enhancing local content development and broadband access to creating jobs and fostering innovation, encouraging the organisation to further engage in mentorship, tech training, and entrepreneurship support initiatives.
“Legend Internet’s story is one of vision, resilience, leadership, and inclusivity. It is the kind of story this administration is proud to champion and we look forward to partnering with more companies that are pushing the boundaries of what is possible,” she stated.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange recorded a 0.64 per cent increase on Monday, May 12, with its total value rising by N12.46 billion to N1.947 trillion from the N1.935 trillion quoted at the preceding session, as the NASD Unlisted Security Index (NSI) went up by 21.28 points to 3,326.06 points from 3,3204.74 points.
The expansion recorded during the first trading session of the week was influenced by price appreciation in the shares of three companies admitted to the platform.
Central Securities Clearing System (CSCS) went up by N2.25 to trade at N24.85 per unit versus last Friday’s N22.60 per unit, FrieslandCampina Wamco Nigeria Plc improved its value by 40 Kobo to settle at N40.43 per share from the previous closing value of N40.03, per share, and Geo-Fluids Plc added 10 Kobo to end at N1.91 per unit, on contrast to the preceding session’s N1.81 per unit.
During the trading day, the volume of shares bought and sold by the market participants decreased by 99.7 per cent to 673,233 units from the 231.6 million units traded in the previous trading day, the value of securities transacted by investors moderated by 98.9 per cent to N6.3 million from N606.4 million, and the number of deals retreated by 38.6 per cent to 35 deals from 57 deals.
When trading activities finished for the day, the most active stock by volume on a year-to-date basis remained Impresit Bakolori Plc with a turnover of 534.0 million units worth N521.1 million, followed by Geo-Fluids Plc with 266.4 million units valued at N470.5 million, and Okitipupa Plc with 153.6 million units sold for N4.9 billion.
The most traded stock by value on a year-to-date basis also remained Okitipupa Plc with the sale of 153.6 million units for N4.9 billion, trailed by FrieslandCampina Wamco Nigeria Plc with 20.0 million units valued at N768.5 million, and Impresit Bakolori Plc with a turnover of 534.0 million units worth N521.1 million.
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