By Emmanuel Elebeke

Worried by the escalating incidence of financial crime fraud in the country, and to facilitate the monitoring of money laundering within the nation’s banking sector, the National Identity Management Commission, NIMC says it has gone into discussion for a partnership arrangement with the Nigerian Interbank Settlement System, NIBSS, on the use of its web based identity verification and authentication services.

The services which will soon be launched by the NIMC will enable the NIBSS to electronically ascertain and confirm the identity behind every transaction it processes so that repudiation or denial cannot be possible.

The Partnership when consummated will effectively check fraud and facilitate the monitoring of money laundering and related activities of perpetrators of financial malpractices.

Speaking at a recent working visit to the NIMC Head Office to discuss the idea, Managing Director and Chief Executive of NIBSS, Mr. Lawal Olaniyi said, the NIBSS, through its recently acquired National Central Switch (NCS), will connect all switches in the country, all Banks and financial institutions, including microfinance institutions, financial terminals and points of transactions/sales like the ATM machines, media for plastic money and electronic payments and Card based transactions. The NCS, Mr Lawal, said will be able to do this through the shared services of the NIBSS which currently serves all Banks. Adding that the recent expansion that has seen all Switches being connected to the NCS will enable a complete circle in the payment systems in Nigeria under the NIBSS.

This can be worked out professionally and thus provide the basis for an excellent relationship between the two organizations.

The Director General and Chief Executive Officer of NIMC, Barr. Chris Onyemenam expressed satisfaction at the workability of the partnership, given the level of infrastructure deployment by both institutions. He expressed the hope that an agreement would be reached soon so that the much talked about “uptake of verification services which the financiers of the enrolment centres have requested for as a precondition for access to debt finance would become possible.

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