Pakistani non-profit and NADRA partner on customer biometrics for financial services access
The Sustainable Access of Financial Capital Opportunities (SAFCO), a not-for-profit financial services company in Pakistan, has partnered up with the country’s National Database and Registration Authority (NADRA) for secure biometric identity verification of customers and potential borrowers.
According to UrduPoint, the program dubbed ‘e-verisys,’ to be run by NADRA, will ensure secure and timely online identity checks for individuals seeking financial services from SAFCO.
NADRA is a Pakistani government agency which facilitates biometric verification processes for financial institutions like banks, for mobile operators, as well as other companies.
The report quoted SAFCO Chief Executive Officer Suleman G. Abro as saying during the launch of the biometric program that the system will also go a long way in checking cases of fraud and money laundering.
Syed Sajjad Ali Shah, managing director (MD) of SAFCO Support Foundation said the system will help put a check on the growing wave of false information supply by SAFCO customers as well as fraudulent practices.
“Especially those institutions involved in financial transactions should verify every new and old borrower with this facility of NADRA and make this report part of the official record,” he recommended.
SAFCO is said to be the second institution in Pakistan and the first in the Province of Sindh to implement biometric checks through NADRA.
The SAFCO Support Foundation MD also expressed gratitude to the Security Exchange Commission of Pakistan (SECP) which is working with NADRA on the project.
Last year, mobile network providers in Pakistan requested that NADRA lower its biometric verification fees.
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Article Topics
biometrics | fraud prevention | identity management | identity verification | KYC | NADRA | Pakistan | secure transactions
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