MTN Nigeria orders $1M in biometrics-based KYC devices from Novateqni
Biometrics and secure payment technologies firm Novateqni Corporation announced a U.S. $1 million order of its biometrics authentication product KYC100 by MTN Nigeria, a division of South African-based mobile teleco MTN Group.
The KYC100 units are used to enroll the fingerprints, photo and personal detail of mobile phone buyers as required under the country’s new regulations.
The KYC notation, which stands for “Know Your Customer”, is the business process necessary to verify the identity of its clients, which is becoming increasingly important to prevent identity theft, financial fraud, money laundering and terrorist financing.
“We are very pleased to be able to provide the necessary technological solution to MTN Nigeria,” said Gerhard Mynhardt, Novateqni’s president. “We have used our expertise in voter validation and biometrics to enable MTN to comply with the demanding Know Your Customer requirements.”
As a technology-based firm with a focus on biometrics and secure payment technologies, Novateqni provides integrated software and hardware products for voter validation, voter registration, financial transactions and biometric requirements.
The company has corporate offices in Calgary, Alberta, sales offices in Norfolk, Virginia, a technical and development facility in Johannesburg, South Africa and manufacturing capacity in Hong Kong.