Benin’s largest microcredit bank ASMAB has resorted to fingerprint biometrics technology to identify its customers and cut loan fraud. This is also expected to sustain customer trust in the banking system, it says.
ASMAB’s chief executive officer Daniel Fangbedji said several loaners, reported as intentionally exploiting the process, initially hindered the noble move and “therefore the bank sought for a security technology to cut the vice and identify the defaulters.”
ASMAB therefore turned to HPC Informatique to help identify a solution that would help to tighten security and maintain customer confidence in the bank, it says.
The company chose to deploy Hybrid Biometric Platform’s identification technology with fingerprint biometrics from M2SYS to secure their banking system.
The biometric fingerprint banking security technology, ASMAB says, was as a result of a partnership with M2SYS and HPC Informatique.
Commenting on the partnership, Mizan Rahman, founder and CEO of M2SYS said the opportunity to partner with HPC and help spread the benefits of biometric identification to vertical markets like banking that need to tighten security and prevent fraud is an important part of our mission.
“HPC’s knowledge and expertise of the West African market presents them as a key strategic partner for us to continue our global expansion of fingerprint biometrics and other modalities for identification,” Rahman said.
HPC’s founder Bassam Hage commented on the partnership saying: “It pleases us to be in a position where we can offer practical, affordable biometric identification solutions to our customers throughout the West African region through our partnership with M2SYS”.
“ASMAB is an ideal candidate for fingerprint biometrics banking technology to curb fraud and tighten security for their micro-credit banking business. By capturing the biometric identification profile of their customers with M2SYS Hybrid Biometric Platform technology, ASMAB is well positioned to prevent corruption and build client trust in the system,” Hage added.
M2SYS Technology, provides technology that makes biometric software affordable, simple to integrate and inexpensive to support enabling customers to easily utilize the right form of biometric technology for their needs.
Founded in 2001, ASMAB is headquartered in Cotonou, Benin, and is modeled after Bangladesh’s Grameen Bank. The firm lends money to the poor to facilitate socio-economic development, encourage savings and fight loan shark corruption.
