Compuscan has been selected as one of the Top 10 African Financial Service Technology Products in Africa for 2009 by the 'FinancialTechnologyAfrica.com' editorial team due to our success in Uganda with the new biometric financial card ID system.
FinancialTechnologyAfrica.com is a leading online news service for the African financial technology community. They cover the latest industry news, comments and analysis from banking, insurance and capital markets sectors in Africa.
According to FinancialTecnologyAfrica.com "The task of selecting the top 10 technology driven products/services in financial service industry in Africa for 2009 was not an enviable one. In spite of the global financial recession, financial services industries in Africa have turned out several technology-driven innovative products/services. These products cut across all the financial sectors such as banking, insurance, capital markets and even pension schemes. Top on our list of the criteria was innovations and transformational power. The products/services selected have proven to be innovative both in design and implementation. They also have transformational power to revolutionize the financial service sector in the continent."
For those of you who are in the dark about our success in Uganda, in 2007 Compuscan was selected by the Central Bank of Uganda (CBU) to establish Uganda’s first credit bureau. In order for the credit bureau to become a reality, all banks and financial institutions in Uganda had to supply loan applications and performance data to Compuscan in order for them to perform a credit search at the point of facility in order to review the risk for new loan agreements. Linking credit bureau data accurately however requires a unique numbering system. In 2009, all bank branches and financial institutions had the required identification software and hardware installed and enrolment of the borrowing community commenced.
The problem of the lack of an official ID system in Uganda was addressed by Compuscan's Financial Sector Identification (FSI) system, where a template of a borrowers’ fingerprints are captured by a biometric device at the point of enrolment and then securely stored on contactless RFID smart card To forestall possible impersonation, 10-finger digits are registered on the card and four images of each digit are taken. It was mandated that all banks and financial institutions must issue financial cards to their borrowers to enable proper identification on the Compuscan credit bureau. Compuscan’s system was developed to work both online and offline with direct integration to the finger print database.
Now if that isn't innovative and transformational! Very impressive indeed!
We are very proud of the fact that we are adding value and contributing to the financial well being of all Ugandans and that we are able to minimise impersonation attempts and corresponding fraud in Africa.
We would like to thank FinancialTecnologyAfrica.com for the recognition and honour they have bestowed upon us by selecting us for the top 10 African Financial Service Technology Products of 2009.
Watch this space for more updates on Uganda!
Anyone is welcome to contact the Compuscan Uganda office and ask for the Managing Director, Michael Malan at Office +256 41 434 7563 or contact us on e-mail: info@compuscan.co.ug, or visit our website at www.compuscan.co.ug
