CULLED FROM: LEARDERSHIP NEWSPAPERS
Operation cashless policy introduced by the Central Bank of Nigeria (CBN) has been enchanced through the release of the instant Selectable PIN solution by Interswitch, the pan-African integrated transaction and payment processing company. The solution empowers banks to enable customers select their own Personal Identification Number (PIN) at the point of collecting their ATM cards at bank branches.
With the instant Selectable PIN, card issuance and activation has now become an instant process for banks; an upgrade from the traditional paper PIN mailer. A PIN is a 4 digit numeric secret password known only by the cardholder which the system uses to validate the cardholder.
Mr. Akeem Lawal, director, Transaction Processing, Interswitch, explained that the instant Selectable PIN empowers the banks to provide their customers with the ability to choose their own PINs at the bank branches. "This process not only quickens the speed of card activation but it is also secure as the PIN is selected and memorised on the spot by the cardholder", he said.
He highlighted some benefits of the solution to include enhanced security and confidentiality of the PIN, reduction of operating cost for PIN issuance, increase in card activation and enhanced customer experience. It also promotes complete confidentiality of the cardholder's PIN at the point of delivery while eliminating risks that maybe associated with paper PIN mailers dispatched to bank branches. With the instant Selectable PIN solution, banks would not need to send paper PIN to customers.
The solution has the necessary security controls to service customers outside the bank branches. For instance, the banks can deploy the solution for prepaid customers and credit card customers at remote locations. First Bank has implemented the solution.
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