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
Terrahaptix, a Nigerian autonomous systems startup, has raised $11.75 million in a round that will see it boost drone manufacturing to tackle violent extremism spreading across Africa.
The funding round was led by 8VC founded by the co-founder of Palantir Technologies Inc., Mr Joe Lonsdale. Other investors include Valor Equity Partners, Lux Capital, SV Angel, Leblon Capital GmbH, Silent Ventures LLC, Nova Global and angel investors including Mr Meyer Malka — the managing partner of Ribbit Capital.
Terrahaptix, founded by Mr Nathan Nwachukwu and Mr Maxwell Maduka, will use the new funding to expand Terra’s manufacturing capacity as it expands into cross-border security and counter-terrorism.
The company based in Abuja produces long- and mid-range drones, autonomous sentry towers and unmanned ground vehicles to help secure infrastructure assets valued at about $11 billion across Africa, including hydropower plants in Nigeria, as well as gold- and lithium-mining operations in Ghana.
In June last year, the firm beat an Israeli company to secure a $1.2 million security contract to deploy AI-powered drones and sentry towers at two hydroelectric power plants in Nigeria, awarded by a private security firm, Nethawk Solutions.
According to Mr Nwachukwu, the CEO of Terrahaptix, the rising spate of insecurity must be tackle as the continent continues to industrialize its economy.
“Africa is industrializing faster than any other region, with new mines, refineries and power plants emerging every month,” he said, “But none of that progress will matter if we don’t solve the continent’s greatest Achilles’ heel, which is insecurity and terrorism.”
“Our mission is to give Africa the technological edge to protect its industrial future and defeat terrorism.” Mr Nwanchuku added.
On his part, Mr Maduka, the company’s co-founder and CTO, also reinforced the company’s commitment to the continent by saying, “This is African technology, built by African engineers, for African infrastructure. We are creating skilled jobs, building advanced manufacturing capacity, and ensuring the intellectual property behind Africa’s security stays on the continent.”
The need for security has risen in recent years as groups such as Islamic State and al-Qaeda are gaining ground in Africa, converging along a swathe of territory that stretches from Mali to Nigeria.
By Aduragbemi Omiyale
The credit ratings of Stanbic IBTC Insurance, a subsidiary of Stanbic IBTC Holdings Plc, have been upgraded by Agusto & Co.
The improved ratings underscore the company’s commitment to robust risk management, operational discipline, and its strong capacity to meet obligations to policyholders.
In a statement, Stanbic IBTC Insurance said its long-term and short-term ratings of A and A1 were raised by the rating agency. It was added that the two ratings were given a stable outlook, reflecting stronger confidence in the company’s financial resilience, governance standards, and long-term sustainability.
Agusto also cited Stanbic IBTC Insurance’s sound liquidity position, prudent business strategy, and the strategic backing it receives as part of Stanbic IBTC Holdings.
As part of its growth strategy, Stanbic IBTC Insurance continues to expand its retail footprint across Nigeria, enhancing access to life insurance solutions and deepening its presence in key markets. This expansion supports its mission to serve individuals, families, and businesses with reliable and accessible insurance offerings.
In terms of claims settlement, Stanbic IBTC has consistently demonstrated its commitment to prompt and efficient payout to policyholders and annuitants.
Since its establishment in 2021, the company has settled over 2,000 claims, amounting to more than N1.8 billion in cash.
Additionally, it has paid over 16 billion in annuities to more than 4,900 retirees, reaffirming its dedication to delivering reliable and timely benefits.
“We are delighted with this upgrade as a reflection of our progress and the trust we’ve earned from stakeholders.
“Our focus remains on delivering reliable protection, exceptional service, and enduring value to both policyholders and other stakeholders.
“This recognition motivates us to uphold the highest standards of financial discipline, service excellence, and integrity,” the chief executive of Stanbic IBTC Insurance, Mr Akinjide Orimolade, stated.
By Aduragbemi Omiyale
Additional 2,575,851,543 ordinary shares of First Holdco Plc issued to one of the investors of the company from a private placement have been listed on the Nigerian Exchange (NGX) Limited.
The equities were sold at the exercise at N32.50 per share, amounting to N83.715 billion. They were from the private placement of 3,276,923,077 ordinary shares of the financial services firm.
The listing of the new stocks have increased the total issued and fully paid-up shares of First Holdco Plc to 44,453,693,134 ordinary shares of 50 Kobo each from 41,877,841,591 ordinary shares of 50 Kobo each.
This development was confirmed by the bourse over the weekend in a disclosure to the investing community.
“Trading licence holders are hereby notified that additional 2,575,851,543 ordinary shares of 50 Kobo each of First Holdco Plc were on Monday, January 5, 2026, listed on the daily official list of Nigerian Exchange Limited.
“The additional shares listed on NGX arose from the company’s private placement of 3,276,923,077 ordinary shares of 50 Kobo each at N32.50 per share.
“With the listing of the additional shares, the total issued and fully paid-up shares of First Holdco Plc have now increased from 41,877,841,591 to 44,453,693,134 ordinary shares of 50 Kobo each.
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