Access Bank has announced that it is set to unveil a new technology payment solution named FacePay that uses facial recognition and AI.
The face recognition payment system allows the platform to identify and verify the user without he or she inputting passwords. The recognition system matches the unique facial dimensions of the customer against the BVN image to authenticate the customer.
This new platform will help make transactions easier and faster to carry out for customers.
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The new facial platform also enables more convenient payments in merchant locations and faster withdrawals and transfers in Access Bank branches.
For merchant payments, FacePay will be able to allow the merchant receive funds from paying customers with an instant settlement of that fund into the Merchant’s account. While for Access Branches, FacePay covers Intra-transfers, Inter-transfers, and cash withdrawals at the branch.
Recall that Access Bank created a subsidiary in Cameroon with an initial capital of about XAF14.5 billion in January. The new subsidiary’s headquarters is expected to be in Douala, Cameroon’s economic capital.
According to the legal notice published, the administrative board of the subsidiary constitutes seven members with only one Cameroonian. The members of the board include: Patience Melone, Iyabode Soji-Okusanya, Fatai Oladipo, Abraham Aziegbe, Ibukunoluwa Odegbaike, and Elliz Nzo Azu.
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