Afribank Micro Finance Bank, has in view of the competition in the industry, deployed what it describes as Biometric point-of-sale (POS) into its operations. Through this means, the bank would open accounts for its customers and further conclude other registration processes at a place convenient to the customers.

According to the bank’s Managing Director, Mr Kashim Olarenwaju, the feat would be made possible through a mobile camera.

Olarenwaju said that the technology would bring banking services to the homes and offices of its customers.

He said: "Our business model is customer-centric and it exemplifies customer as king. We serve them the way they want it. is taking the bank to the people and it can be done anywhere you have a cluster of people. Our customers are saved the cost and inconvenience of coming to the bank".

He said that the technology is being used in Kenya, Bangladesh, India and some other countries; adding that the method was appropriate for the less educated since it only required a card and thumbprint.

"Our focus would be to ensure that the un-banked are given adequate financial services throughout Nigeria, to grow existing and active businesses and to provide I.T system that will lower the cost of doing business for small and medium scale owners".

We want to redress the imbalances in the movement of funds between the formal and the informal sector, such that the informal sector can be developed and made more attractive.

"We have discovered through study that there is a knowledge gap between small scale entrepreneur and the businesses they run. Some of them understand the technical aspect of their business but lack knowledge on growing businesses, so we have established Afribank Wealth Institute to address the shortcoming in the system, he added.

He noted that over 60 million Nigerians belong to the informal sector and are not benefiting from the over N700 billion in funds in the informal sector.

He said that the bank has a capital base of N2 billion and a credit line of another N2 billion, making a total of N4 billion.