Microfinance

Using Fingerprint Authentication in Microfinance

ClassifEye, a leading developer of secure fingerprint authentication technology, announced today that Cashpor India, one of India’s leading microfinance institutions (“MFI”) has adopted ClassifEye’s innovative camera-phone-based transactions and authentication solution. This will help to facilitate broader financial inclusion, enabling Cashpor to broaden its customer base and allow their agent-serviced customers to improve their financial reach.
ClassifEye’s solution is driven by innovative imaging technology that uses camera phones to deliver secure and reliable services for MFI served customers. Customers can access a broad range of financial services that are handled by the MFI in order to manage loans, make deposits and execute other operations via field agents who are equipped with internet-enabled cellular phones. Each transaction request is authenticated via MFI agents’ camera-phones, which are used to capture an image of each customer’s fingerprints, following initial customer registration by the field agents through traditional procedures. The service has been successfully tested by leading banks and MFIs.
“Poverty-reduction through greater financial inclusion is a wonderful aspiration, but reaching rural populations with cost-effective, appropriate technology and products in a financially sustainable manner is a big challenge,” said Dr. David S. Gibbons, CEO of Cashpor India. “The more secure, better-quality and more timely transaction information, that will be available through the ClassifEye mobile phone solution, will aid in monitoring operations, taking more informed management decisions and in planning timelier follow-up.”
“The economics of bringing trusted authentication methods to huge rural environments, such as India, have been a tremendous obstacle to profitably expanding MFI activities,” said Rami Cohen, CEO of ClassifEye. “By leveraging camera-enabled mobile phones and eliminating any additional hardware, ClassifEye’s scalable, secure solutions will allow tens of millions of rural Indians to access services that were previously out of their reach. Similarly, many vendors and merchants will be able to gain access to new markets of hundreds of millions of people, resulting in an exceptional improvement in the quality of life for entire rural populations and new opportunities for microfinance and commerce throughout the developing world.”
ClassifEye’s transaction solutions allow for tremendous scalability. MFI field agents can be trained in just a few hours, with critically low technical support requirements for MFI IT staff and an almost endless number of agents can be active on the system at any time.
In terms of mobility, ClassifEye’s solutions can work both online and offline. Strong biometric authentication is provided at extremely low equipment cost, through a simple software download directly to the device and false acceptance ratios are equal to or better than physical biometric sensors. The solutions are highly secured, and comply with common security standards for internet banking

Abhay N

Author : 

Abhay is the founder and managing editor of India Microfinance. He is passionate about microfinance, financial inclusion and social entrepreneurship in India.

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