NanoB&K, LoginID partner for FIDO biometrics in Africa financial inclusion program
Subsidiary entities of NanoB&K have integrated LoginID’s FIDO-certified passwordless identity authentication platform with the goal of slashing costs for the use of One Time Passwords (OTPs) and help fight fraud related to digital banking operations by their customers, as part of an African financial inclusion drive.
According to a joint announcement, running the FIDO2 biometric authentication solution on the platform of NanoB&K subsidiaries is expected to strengthen security when customers access services such as digital banking, payment, lending as well as going through know your customer (KYC).
The partnership for biometric authentication will initially go operational in the island nation of Mauritius and later in other African countries where the fintech operates, owns a license or supports partners who hold their license, the announcement mentions.
Ali Jamaloodeen, Director NanoB&K and CEO of Anglo African Group, the parent company, said the partnership is strategic for a number of reasons. “NanoB&K and its subsidiaries will now be able to ensure that the end customer will be the correct person and not a fraudster who has taken over an account. As we start to offer more banking and nano-lending services, we can secure client accounts upon setup, and ensure the highest level of security any time clients move money or make any important transaction.”
For Thierry Siminger, Head of Telecom Business Unit and General Manager of Middle East and Africa at LoginID, this is an opportunity to help the growing number of Africans opening bank accounts. “We are very excited about supporting NanoB&K, its subsidiaries and the Anglo African Group at large. Given the market growth of customers on the African continent setting up new banking accounts, right from their initial account creation they will have a simple, very secure experience around any digital payments or services. It will also be far more economical compared to the costs of using SMS for OTPs.”
Operational since 2017, NanoB&K says it has been using its innovative technology to ramp up financial inclusion efforts in Africa by reducing the number of people still unbanked.
LoginID recently sealed a deal with Oasis Smart SIM to integrate the FIDO-certified passwordless authentication solution into the latter’s eSIM issuance platform.