A great development in the Pakistani banking sector. NADRA has initiated a contactless biometric verification system for banks which means that banks in Pakistan can verify their respective account users from anywhere through the mobile banking app. Pakistan is one of the first countries in the world to have this facility for account holders on a national scale.
This development took place after the State Bank of Pakistan requested the National Database and Registration Authority (NADRA) for contactless biometric verification. The development took place when State Bank’s Governor Dr. Reza Baqir visited the NADRA Headquarters. The Central Bank, for now, has launched the biometric service to five banks as a test run. The technology will be extended to other banks once all the formalities are completed.
The Governor State Bank said at the launch ceremony,
“Early adoption of this new technology has endless potential to reach the under-serviced population while it extends great benefit to financial sector by reducing the operational costs, aiding in releasing the pressure on banks, which have been negatively impacted during the pandemic.”
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