June 29, 2012 / Proshare News
 

Following the CBN cashless policy and particularly the cashless Lagos initiative, concerns that have hitherto trailed the security formidability of e-payments or e-transactions in Nigeria may be engendering high-quality differentiation soon, as First Bank Nigeria (FBN) Plc announces its new service in Personal Identification Number (PIN) selection and activation.
 

FBN customers will no longer have to experience the paper-PIN-encapsulation process for activating their Automated Teller Machine (ATM) cards. According to the Head, Marketing and Corporate Communications, Folake Ani-Mumuney, the new process will only entail customers visiting a desk in any branch of choice and selecting their PIN based on individual interest. The new process she says, will take place in less than 15 minutes for selection and activation.
 

Usually, the four digits PIN of a card owner is modified by the user after being allotted an automated PIN generated technically. While management releases the new process, Ani-Mumuney and her team expressed that the First Bank array of ATM and Credit cards are well thought out to overcome the security challenges erstwhile experienced with e-cards – FBN e-cards are built with chips and PIN based securities, different from the marked-stripes and come with extra layer “verified-by-visa” (VBV).