Chairman, Senate Committee on Banking, Insurance and other financial institutions, Senator Nkechi Nwogu, has commended the initiative of multi-application and channel electronic transaction operator, eTranzact on the launch of its Automated Teller Machine (ATM) Cardless Cash and eTranzact Strong Authentication (ESA) security solution, report CHARLES OKOH & UGOCHI NKWOCHA.
Speaking at the ceremony held in Lagos, last weekend, Senator Nwogu said that the new solutions would make way for easy transfer of funds and security of transactions by reducing the risk of doing business.
One exciting aspect of the new products, she said, is that it will make things more difficult for the criminal minded.
“eTranzact is complementing what the conventional banks are presently doing by developing an authenticated process of paying money without the fear of the card being stolen, without the Personal Identification Number (PIN) being copied and funds being taken without authorization,” she said.
She also said innovations such as these will go a long way in making Nigeria the financial hub of Africa, thus it’s possible for the nation to make the Vision 20-2020 dreams.
She called on banks and other financial institutions to collaborate with eTranzact to expand their activities and check the fraud being experienced using the ATM.
On the patent of the products as it affects Nigerian industries, the Director General, National Office for Technology Acquisition and Promotion (NOTAP), Mr. Obi Adiuku-Brown, lamented the state of investments in research funding in the country.
Research, he noted, gives the lead to improvement and that India is made thick today because of its development in software, stressing that India makes more money from sale of intellectual property than Nigeria is making from oil, urging the banks to fund research in software development.
Equally in his remark, an electronic entrepreneur turned Senator, Ayo Arise, spoke on prevention of e-fraud informing that there would soon be regulation against electronic fraud in the country.
Managing Director of eTranzact, Mr. Valentine Obi, explained that ESA utilizes security tokens to provide multi-factor authentication for payment transactions on any payment network.
Mr. Obi also said the deployment of ESA is unique because it leverages on users cell phone to manage security generation, thereby reducing cost of deployment for financial institutions whilst providing ease of use and convenience for the users.
The security token known as ESA code, he said, is generated by the subscriber cell phone as a One Time Pass Code (OTPC) that would be used as input for authorization and processing of transactions.
He assured that e-Tranzact solution provides zero liability against any loss due to card fraud to both cardholders and merchants using ESA.
Additionally, he said the eTranzact ATM Cardless cash, enables any mobile phone user to withdraw cash transferred to his or her mobile on any enabled ATM once or in bits, thereby reducing congestion in banks branches, while providing 24 hours access to money transfer services and is secured and convenient.
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