In line with the recent CBN regulation directing that all Nigerian banks switch from the magnetic stripe cards to the more secure â€˜CHIP+PINâ€™ cards, eTranzactÂ has gone ahead to launch its eTranzact Genesis CHIP+PIN Card.
The eTranzact Genesis CHIP+PIN Card which is an EMV compliant card was unveiled and presented to the public at the FederalÂ Palace Hotel,Â Victoria Island, Lagos, last week.
Mr. Valentine Obi, MD of eTranzact said that by releasing these cards into theÂ market, eTranzact will mop up all its old magnetic cards which are currently being used by the Nigerian public and alsoÂ help move Nigeria towards an advance technological era like other advanced countries where the smartcard payment platform has been embraced.
Obi also said that theÂ card would give the cardholder a continuous security even if his card is compromised.
According to him, â€œthe ESA is generated as a code through our mobile application or web access profile platform for our customers.
eTranzact makes available dynamic PIN as opposed to a static PIN, for all channels utilization of static PIN as the singular parameter for electronic transactions is increasingly becoming fraud prone. Card cloning and PIN closure are apparent to card transaction.
By leveraging on the eSA dynamic Pin generation, this threat can now be surmounted.â€
The Genesis Card unlike its predecessor is made up of 3 ranges: The Prepaid, Debit & Credit cardsÂ and are accepted on electronic payment channels such as ATM, POS, WEB and Mobile Commerce.
The card enables users to determine the authenticity of the transaction via its audit trail. It has a 2 years validity before expiry and 4 years validity period for students.
Obi said thatÂ Genesis Cards can also be loaded or recharged through the eTranzact Pay Outlet platform as well as be used for other value added schemes such as Loyalty scheme and Discount scheme.
Meanwhile,Â Mr. Wole Abegunde of eTranzact International plc, added that though the magstripe system has proved reasonably effective, it also has a number of security flaws, including the ability to steal a cardÂ or to learn to forge the signature on the card.
He pointed out that in recent times, technology has become available on the black market for both reading and writing the magnetic stripes, allowing cards to be easily cloned and used without the ownerâ€™s knowledge.
He added that while the Magnetic stripe can be copied, the cloning of the chip is not feasible and a copied card cannot be used on a PIN terminal.
Also, Chairman eTranzact International PLC, Mr. Felix Ohiwerei who gave a brief history of eTranzact, described the company as Nigeriaâ€™s first award winning multi-application and multi-channel electronic transaction switching and payment processing platform currently in operations in Nigeria, Ghana, Zimbabwe, Cote dâ€™Ivoire, South Africa and UK.
He stated that eTranzact was a multi-application and multi-channel electronic payment system in Nigeria that makes remote real time settlement of transaction possible by telephone, in both mobile, fixed, SMS, WAP, POS terminals, bank outlets, and the Internet.
ItsÂ solution platform is a robust system, which enables card holders to securely and conveniently pay for goods and services to merchants, transfer funds and carry out other electronic transactions.
Launched in September 2003, eTranzact started operations as a PayOutlet to Econet Wireless, (now Zain Nigeria) and Lagos State Water Corporation. Today, the company has evolved into a brandÂ extending its services beyond pay outlets to include products which cut across various e-channels.
The company says its leverages on the switching technology of its major partner, Covenant Vision Limited to deliver value to its teeming customers worldwide.
eTranzact International Plc first enjoyed global recognition in 2003 when it was honored as the first African company to have received a gold medal fromÂ COMPUTERWORLD HONORS AWARD in San Francisco California for innovative and visionary use of information technology to produce and promote positive social, economic and educational change in the society.
The Central Bank of Nigeria (CBN), in January 2008 also honoured eTranzact with an award for the Most Innovative Product in recognition of the companyâ€™s contribution in the transformation of the economy from cash based to a cashless society.