NanoB&K will utilize FIDO to lower both One-Time-Password (OTP) costs, and fraud around customer digital banking interactions
NanoB&K, the FinTech arm of Anglo African, a technology-focused investment Group, announced that it has signed an agreement with LoginID, to integrate its FIDO-certified passwordless authentication into NanoB&K subsidiaries. NanoB&K was set up in 2017 with the aim of solving the financial exclusion problem on the African Continent. The integration of FIDO2 biometric authentication as a part of NanoB&K platforms will improve security across multiple services such as their digital banking, payment, lending and KYC offerings. The partners will initially launch in Mauritius, and then expand into other countries where NanoB&K owns operating licenses, or supports partners who license their platforms.
The African market is a sizable opportunity for emerging technology solutions to help drive inclusion in banking. As recently as 2019, there was an estimated 1.2B unbanked according to a panel conducted at the World Economic Forum in Cape Town.
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“This is very strategic for us on a number of fronts”, said Ali Jamaloodeen, Director NanoB&K, and CEO, Anglo African Group. “NanoB&K and its subsidiaries will now be able to ensure that the end customer will be the correct person and not a fraudster who has taken over an account. As we start to offer more banking and nano-lending services, we can secure client accounts upon setup, and ensure the highest level of security any time clients move money or make any important transaction.”
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“We are very excited about supporting NanoB&K, its subsidiaries and the Anglo African Group at large. Given the market growth of customers on the African continent setting up new banking accounts, right from their initial account creation they will have a simple, very secure experience around any digital payments or services. It will also be far more economical compared to the costs of using SMS for OTPs”, said Thierry Siminger, Head, Telecom Business Unit, GM MEA at LoginID.
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