August 23, 2009

FCMB commences issuance of the Verve Cards

First City Monument Bank (FCMB) Plc has begun the replacement of the Magnetic-Stripe ATM Debit cards used for many electronic Banking services such as cash withdrawal at its various Automated Teller Machines (ATMs) and payments on Point of Sale (POS) terminals with a more secure and reliable Chip & PIN ATM Debit card.

The FCMB (Verve) ATM Debit Card is a secure e-payment card powered by InterSwitch with Chip & PIN (Personal Identification Number) features which make unauthorized use of the card impossible. These features provide security for all electronic banking transactions (ATM, POS and Web).

A major distinguishing factor is that the new ATM Debit card is equipped with a micro-computer stored in a microchip in the front section of the card, making it more secure as the stored data in the chip of the card is encrypted which prevents cloning of customer’s data onto another card. This is unlike the old debit card that had a magnetic stripe at the back of the card for storing its data.

In line with the Central Bank of Nigeria’s directive for all Banks to commence the issuance of the Chip & PIN ATM cards to their customers, FCMB becomes one of the first set of banks in Nigeria to implement this regulatory directive.

Nabeel Malik, FCMB’s Head of Retail Banking said the benefits of the Chip & PIN Card include maximizing electronic payment security through the EMV technology, fraud reduction and bigger storage capacity. EMV is an international electronic payment standard developed by Europay, MasterCard and Visa (EMV) – The Three leading electronic payment companies in the world.

He said the FCMB (Verve) ATM Debit Card provides unbeatable reach, matchless access to cash and payment services on all channels on the InterSwitch network.

“The Chip Technology guarantees that information stored is not accessible to unauthorized persons. The other security features ensure that transactions across other payment channels on the InterSwitch network remain secure and uncompromised” Nabeel stated.

The FCMB Head of Retail Banking who confirmed that migration has commenced, recommended that all customers of FCMB should go to their nearest FCMB branch to migrate from their existing cards to the bank’s new Chip & PIN Card.
He further explained that with the commencement of the migration to the Chip Card and EMV technology, the bank is working towards enhancing customer confidence in electronic payment and card based transactions.