News By Tag
News By Location
KCB Bank and Mobicash launch biometric banking in Rwanda
Mobile payment platform MobiCash and KCB Bank in Rwanda have launched BioCash, a financial service that uses a fingerprint scanner to authenticate users.
Mobile payment platform MobiCash (http://www.mobicashonline.com/
As a part of a larger objective to spread financial services to all Rwandans and improve the links between the financial system and the masses, the launch of BioCash will lay a basis for KCB Bank to reach people in locations that remain underserved, particularly hard-to-reach rural areas.
This new fingerprint banking system is available to every Rwandan over 16 years old, with a national ID card. Using existing fingerprint records for the national ID cards, the system exists to allow people to connect their fingerprint to a virtual bank account.
Once a BioCash account has been set up, transactions can be made without the ID card, and users are authenticated using only their fingerprint. MobiCash expects this new system will also reduce the instances of robberies in the country, as there will be less need to carry cash or credit cards as this system is adopted and reaches a critical mass.
A recent BiometricUpdate.com Research Note (http://www.biometricupdate.com/
A similar system to the BioCash in Rwanda is already underway in India. As reported previously in BiometricUpdate.com (http://www.biometricupdate.com/