Taking advantage of technological advancement and at the request of SBP, NADRA has launched state-of-the-art biometric verification services for the banking and payments industry, making Pakistan one of the first countries in the world to implement technology.
The service was launched during a visit by SBP Governor Dr. Raza Baqir to NADRA headquarters.
The banks in Pakistan will make use of the digital app on smartphones capturing and verifying biometrics of the potential account holders from their homes.
With the introduction of the digital technology, the banking system will take paradigm shift adding remote biometric capturing technology to digital banking system.
The service is initially extended to five banks nominated by the SBP for a pilot run. Other banks and fully SBP licensed electronic money institutions (EMIs), after completion of necessary formalities will also be included in the arrangement. Once the pilot is completed, this service will be extended to all banks/EMIs.
Speaking on the occasion, Dr Baqir, said, “This new mobile-based verification service for banks and EMIs is in line with SBP’s financial inclusion initiative while creating opportunity for rapid on-boarding using remote identification and e-KYC features”.
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He added, “Early adoption of this new technology has endless potential to reach the under-serviced population while it extends great benefit to financial sector by reducing the operational costs, aiding in releasing the pressure on banks, which have been negatively impacted during the pandemic.”
Nadra Chairman Tariq Malik said, “This new technology makes contactless fingerprint acquisition and matching possible using a smart mobile phone, providing an alternative to conventional methods of conducting digital financial transactions that may require specialized equipment or visits to bank branches.”