By Abiola Olawale
The First City Monument Bank (FCMB) has upscaled its operations, and service to Nigerians as it introduced a cardless biometric transaction policy.
FCMB customers can now seamlessly carry out various transactions with their fingerprints and Bank Verification Numbers (BVNs).
Following the development, FCMB became the first bank in Nigeria to introduce paperless transactions.
With this innovation, customers no longer require deposit slips, withdrawal booklets, or cheque books to carry out over-the-counter transactions.
Announcing the innovation, Mr. Olu Akanmu, the Executive Director, Retail Banking of FCMB, described it as a good turning point in the digital banking in Nigeria, adding that it will ensure financial inclusion as many people don’t have debit cards.
Akanmu also stated that a 575 Unstructured Supplementary Service Data (USSD) code, also known as quick code, has been created to give customers the opportunity to enjoy cardless banking experience. He explained that the 575 USSD code can be used to withdraw and deposit at the biometric Automated Teller Machine(ATM) points of the bank and also via Point of Sales(PoS) terminals available across the bank’s branches.
He also explained that the code can be used by customers for intra and interbank transfers as well as change of PIN and data update.
In his words, “the FCMB cardless biometric transaction on ATM is a pioneering innovation in digital banking in Nigeria that provides wider access to ATM usage for many more people who may not have debit cards. It delivers greater financial inclusion. Its biometric identity factor also delivers enhanced security and convenience for customers, taking their digital experience to the next level”.
