FG to tackle frauds with new ID cards

The Federal Government plans to wipe out bank frauds through the introduction of the redesigned national identity cards system, sources close to the National Identity Management Commission (NIMC) have said. According to the sources, the new identity scheme, which would be launched soon, would ensure a partnership between the NIMC and the Nigerian Interbank Settlement System (NIBSS) in the verification of authentic data of all bank customers during transactions. It was learnt that the service would help users of the new national identity cards to electronically ascertain and confirm the identity behind any transaction at the banks, such that a customer would not be able to deny a transaction at a later date. The scheme, according to sources, would effectively check fraud and facilitate the monitoring of money laundering and related activities, as well as monitoring of perpetrators of financial malpractices. Managing Director and Chief Executive of NIBSS, Mr O.P. Lawal, had recently visited the national headquarters of the NIMC in Abuja to fine-tune the idea. It was learnt that the NIBSS would connect all banks and financial institutions through its recently acquired National Central Switch (NCS). It would also be able to connect microfinance institutions, financial terminals and points of transactions/sales, like the ATM machines, media-for-plastic money and electronic payments and card-based transactions, thereby making it difficult for any transaction to go without full and correct information of the owner. Lawal had also stated that the scheme would work through the shared services of the NIBSS which currently serves all banks. Written by Taiwo Adisa, Abuja Courtesy of Nigerian Tribune.