By Peter OBIORA InvestAdvocate

Lagos (INVESTADVOCATE)-Nigeria’s clearing and Settlement House, the Central Securities Clearing and Settlement Systems Plc (CSCS) have embarked on a pilot programme on biometrics.

Arunma Oteh, the Director General of the Commission made this disclosure at the Second Quarter 2013 Capital Market Committee (CMC) Meeting and review of performance at the Nigerian Capital Market.

According to her, the CSCS has informed the CMC that they have embarked on a pilot programme on biometrics, which she said will revolutionalise the capital market because it will eliminate identity theft.

“CSCS told us that they are doing a pilot programme on biometrics, because one of the challenges in our market is being able to clearly identify people and if this pilot progamme works, what we expect is that it will be revolutionary for the capital market because you won’t have identity theft.” Oteh said.

The SEC DG affirmed that those verifications that registrars do can happen very easily, “they are working on a number of technologies which will also further strength the market.” the SEC DG said.

Apart from this initiative, Oteh said the CSCS informed the CMC that they now have a customer centre and number of initiatives that will be very useful, including the online and POS payment.