Annual Report 2009
- CEO comments
- Events during the year
- This is Precise Biometrics
- History
- Technology and solutions
- Geographical markets
- Market segments
- Customers
- Voices from the industry
- Employees
- Sustainability
- The share and shareholders
- Risks
- Five-year review
- Key ratios
- Administration report
- Financial Reports
- Assurance
- Audit report
- Corporate governance report
- Board of Directors
- Management
- Auditors
- FInancial glossary
- Shareholder information
- Contact
Customers
“Match-on-Card is critical for us ”
Africa’s payment sector is growing, exploding maybe some would say. Seven years ago there were 26 ATMs in Nigeria, today there are more than 10,000. Interswitch is the company that made this possible. Using Match-on-Card technology from Precise Biometrics they are looking to expand functionality on the ATMs and their concept across Africa.
Impressive development
Although still developing, Nigeria’s payment sector qualifies as a success story in terms of its enormous growth rate, and development of financial infrastructure during recent years.
During 2009 Precise Biometrics announced a partnership with Interswitch, who is the leading provider of financial services in Nigeria standing behind this success story. Akeem Laval is their Chief Technology & Operations Officer.
- Seven years ago, when we entered the market there was almost no financial infrastructure at all in Nigeria. 26 ATMs and 150,000 bank cards. That’s it. In a country of 150 million people, says Akeem Laval.
The key to success
Interswitch identified that the main problem was the fact that there were no switch or network between the banks. Each bank was acting on their own, issuing cards connected to their bank solely.
- We enabled switching between banks, making it possible to use cards in different ATMs. This was the key to the success and the main reason to why there today are 30 million issued bank cards and 10,000 ATMs in use all over Nigeria.
Dominant player
Interswitch is the only dominant player in the Nigerian payment market, working with international companies such as Gemalto, the largest smart card supplier in the world. Gemalto was also the one who introduced Precise Biometrics to Interswitch.
- We were looking into the possibility of adding biometric functionality to the card, making the cards more widely accessible in areas with a high illiteracy rate. Gemalto suggested Precise Biometrics as a partner and the idea of Match-on-Card seemed to fit our needs perfectly.
Match-on-Card solves several problems
By adding Precise Match-on-Card to their payment card, Interswitch is able to solve two problems in an instant.
- In addition to making financial services accessible for people who aren’t used to PINs or passwords, Precise Biometrics’ Match-on-Card enabled implementation without developing additional infrastructure, as the verification takes place between the card and the device only. It also offers a sufficient level of security in a cost-efficient manner.
A pan African Card
In 2008, Interswitch launched their own bank card, branded the Verve card, and in 2009 they added Match-on-Card functionality from Precise Biometrics. The idea is to expand the card across Africa, making it a pan-African card.
- We saw the need for a card with biometrics that was viable in several African countries. The Verve card can be issued by banks or governments as a credit, debit or prepaid card.
Many application areas
Even though more infrastructural implementation is required before the biometric functionality can come to full use, the Verve card and Precise Match-on-Card is deployed in some pilot projects in Nigeria today. Akeem Laval sees many usage areas for the technology.
- Match-on-Card comes to full use when deployed as a means of identification and cardholder authentication in combination with a payment card by banks and governments in order to guarantee tax payments and ensure that people get access to the grants and financial social services that they are entitled to. But there are many additional usage areas such as Internet banking and Point-of-Sales.
Match-on-Card critical for the success of African payment industry
The payment industry in Africa grew with more than 65 % in 2008 according to the Smart Payment Association. And according to Akeem Laval it is still growing at an impressive rate. He sees a bright future of the African payment industry and he also means that biometrics, and Match-on-Card especially, will hold a vital role in the development.
- I see nothing but growth. We intend to leverage our success in Nigeria and apply it to other African countries in a similar situation; we are already active in nine African countries. In doing this, Match-on-Card is a critical part of our offering and vital for the success of the African payment industry.
Here you can download the complete annual report or selected parts
