Access Bank Leverages On Facial Recognition Solution To Give Customers Speedy Access To Banking Services

Customers of Access Bank are in for better times as the bank has invested in several initiatives geared towards improving access to technological innovations, while providing platforms for technology enthusiasts to innovate and make massive impact on the society.

One such innovation is ‘Facepay’, which is a pioneer solution in Africa that captures the face of an individual and leverages same to grant access to financial services for the unbanked, make instore payments seamlessly at merchant locations.

Introduced only  a few months ago, Access FacePay provides a unique, secure and easy way to make payment for items/services at registered merchant outlets without using your card or cash but your Face. It is an alternative payment solution using facial authentication that leverages Artificial Intelligence to provide a secure, quick, seamless and convenient way to make payments at merchant locations. It also enables seamless transactions within branches. FacePay provides a unique, secure, and easy way to make payment for items/services at registered merchant outlets without using your card or cash, as only the face is required.

Access Bank’s Executive Director for Information Technology and Operations, Mr. Ade Bajomo who gave this indication while speaking during the Nigerian Fintech Week 2020, spoke about how various digital identity systems have been leveraged across the world to provide economic inclusion for One Billion people who were estimated to lack access to financial services because they do not have a form of legally recognised Identity.

The foremost example, he explained, was how India’s Aadhaar Identity Management programme which has 1.2 billion Indians had been leveraged for financial inclusion, direct beneficiary programmes, humanitarian assistance, AML compliance and cost savings in Government processes. Nigeria, he said, has a lot to learn from this programme and Access Bank is at the forefront of leveraging digital identity systems to promote economic inclusion.

Mr. Bajomo stated that Access Bank was committed to positively impacting lives and building the economy through technology and the bank would continue to pursue this pledge by advancing the frontiers of the industry’s technological innovation across Africa, with Nigeria in focus.

He declared: “By partnering with the Africa Fintech Foundry and sponsoring a momentous occasion like the Nigerian FinTech Week, the Bank is contributing to the strides that we are experiencing in the Fintech landscape and to the growth of the economy at large. This is done through thought leadership, acceleration and incubation of tech start-ups, hosting of hackathons and delivering digital products tailored to the African market. Through these interventions, other sectors of the economy would be able to experience a 360-degree growth as well.”

To further cement Access Bank’s involvement in Fintech, Bajomo was inaugurated as the new President of FintechNGR at the 2020 AGM of the association. Speaking after his inauguration, he promised that he would work with members of the association and the industry to create solutions, employment, wealth and capacity, while positioning Nigeria as a leading market for global FinTech Innovation and Investment.

In his capacity as president, Mr. Bajomo will be tasked with furthering the strategic mandate of the association to accelerate, connect and advocate with all stakeholders which include Members of Fintech Association of Nigeria, innovators and Fintech thought leaders, techpreneurs, Venture capitalists, accelerators, the Regtech Community, other Fintech associations and  partners who can help the association achieve its goals.

The week long event sought to highlight FinTech as a solution to problems across different industries, including health, agriculture and logistics.

 

 

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