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
The Securities and Exchange Commission (SEC) has cleared seven new fintech and digital asset firms for admission into its Accelerated Regulatory Incubation Programme (ARIP), granting them Approval-in-Principle (AIP) to operate within the programme’s regulatory sandbox as part of efforts to promote innovation while protecting investors.
The commission said the move reinforces its commitment to fostering responsible innovation that deepens Nigeria’s capital market without compromising market integrity.
The seven firms set for admission into the programme are Bitbarter Technologies Limited, Luno Fintech Nigeria Limited, GetEquity Limited, Koinkoin Global Network Limited, Wrapped CBDC Ltd, Trovotech Ltd and Blockvault Custodian Ltd.
According to the SEC, the Approval-in-Principle permits the firms to operate within the defined scope of the programme, subject to conditions stipulated by the Commission.
It clarified that the approval is not a final operating licence but confirms that each entity has satisfied the admission requirements for ARIP.
“An Approval-in-Principle confirms that an entity has satisfied the Commission’s admission requirements for the Programme. It is not a final licence and remains conditional on the entity’s continued compliance with all applicable regulatory, operational, and supervisory obligations,” the Commission stated.
The ARIP is a controlled regulatory environment established by the SEC to accelerate the onboarding of digital asset and other investment service providers, including Virtual Asset Service Providers (VASPs) and tokenised product platforms.
The programme enables the Commission to evaluate emerging business models and financial technologies under regulatory supervision before they are offered to the investing public.
According to the commission, the initiative is designed to ensure that adequate safeguards are in place to protect investors while preserving the integrity of Nigeria’s capital market.
The SEC reiterated its commitment to supporting innovation that enhances efficiency, transparency, financial inclusion and sustainable growth in the capital market through initiatives such as ARIP.
It also urged members of the public to verify the regulatory status of individuals or organisations promoting investment products or services through its official channels before committing funds.
By Dipo Olowookere
The 14th president and chairman of the council of the Chartered Institute of Stockbrokers (CIS), Ms Fiona Ahimie, has promised to position the organisation as a leading professional body contributing meaningfully to the growth and development of the Nigerian capital market and the national economy.
She made this commitment during her swearing-in ceremony on Thursday, June 25, 2026, as the first female leader of the 34-year-old institute.
Ms Ahimie also pledged to strengthen professional excellence, deepen stakeholder engagement, expand financial literacy, promote youth and women’s development, and drive innovation and digital transformation.
The event, which was attended by several capital market stakeholders, was also used as a send-off ceremony for Ms Ahimie’s predecessor, Mr Oluropo Samuel Dada, in recognition of his exemplary leadership and dedicated service to the organisation over the past two years.
Present were Nigeria’s Vice President, Mr Kashim Shettima, represented by the Special Adviser to the President on Economic Affairs, Mr Tope Fasua; the Minister of Women Affairs & Social Development, Ms Imaan Sulaiman-Ibrahim; the Governor of Ekiti State, Mr Biodun Abayomi Oyebanji; the Governor of Lagos State, Mr Babajide Sanwo-Olu, represented by the Commissioner for Finance, Mr Abayomi Oluyomi; the Governor of the Central Bank of Nigeria (CBN), Mr Olayemi Cardoso, represented by the Director of Financial Policy & Regulations at the CBN, Ms Rita Ijeoma Sike; the Director-General of the Securities and Exchange Commission, Mr Emomotimi Agama; the Chairman of First Holdco, Mr Femi Otedola, represented by the chief executive First Holdco, Mr Adebowale Oyedeji; the former DG of the Nigerian Exchange (NGX), formerly known as the Nigerian Stock Exchange (NSE), Ms Ndi Okereke-Onyiuke; and the chairman of NGX Group, Mr Umaru Kwairanga, amongst others.
By Adedapo Adesanya
The Organisation of the Petroleum Exporting Countries and its allies (OPEC) agreed to raise oil output again as shipping traffic through the Strait of Hormuz gradually recovers and Persian Gulf producers restore production.
After a virtual meeting on Sunday, the seven-member group said it would raise production by about 188,000 barrels a day in August, marking a fifth straight monthly increase as the cartel continues to unwind production cuts introduced in recent years. The seven countries participating in the increase include Saudi Arabia alongside Russia, Iraq, Kuwait, Algeria, Kazakhstan and Oman.
These seven core members of OPEC+ have hiked their output quotas from April through July by almost 800,000 barrels per day, but the increase has remained largely on paper because of the US-Israeli war on Iran, which closed the Strait of Hormuz to tanker traffic for some of the most important OPEC+ members, including Saudi Arabia, Kuwait and Iraq.
This expected increase matches the hike agreed for June, which was revised down from an initial 206,000 barrels per day following the exit of the United Arab Emirates (UAE) from the group in May.
This measure will provide an opportunity for the participating countries to accelerate their compensation, the seven countries noted during the meeting.
They also noted that additional voluntary adjustments announced in April 2023 may be returned in part or in full, subject to evolving market conditions and in a gradual manner.
The alliance said it would continue to closely monitor and assess market conditions and have regular monthly meetings, starting on August 2, 2026.
In the meantime, OPEC+ output fell to 33.13 million barrels per day in May, according to OPEC data, from 42.77 million barrels per day in February. It began to recover in June thanks to US efforts to help the UAE and other OPEC+ nations export more oil, but is still below pre-war levels.
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