BIO-key Begins Deployment of Mobile-Enrollment Biometric Equipment for National Identity Number Registration and Identity Verification in Nigeria in Partnership with Specta
March 01 2022 - 5:30AM
BIO-key International, Inc. (NASDAQ: BKYI), an innovative provider
of identity and access management (IAM) and Civil ID solutions
featuring Identity-Bound Biometrics (IBB), today announced the
start of its national enrollment program in partnership with Specta
– an online lending platform owned and powered by Sterling Bank
Nigeria Plc., for the supply of tens of thousands of biometric
equipment and the requisite financing to drive the National
Identity Management Commission’s (NIMC) mandated enrollment program
for civilians.
Through Sterling Bank’s Specta program and specialized support
services, BIO-key’s Pocket10 for mobile biometric enrollments for
agent banking are being deployed by independent aggregators and
their agents in order to ramp up the adoption of the National
Identity Number and also support mobile banking and payments across
the country. These mobile capabilities provided by
BIO-key in partnership with the banks and affiliates will
significantly allow for enrollment in remote and hitherto
“difficult-to-reach” locations that lack the adequate
infrastructure to support inclusion. This initiative co-funded by
the World Bank, supported by the United Nations and the Federal
Government of Nigeria will ensure that every citizen in Nigeria has
an identity with which they can access available commercial and
government services through utilization of BIO-key’s products and
services.
Chief Digital Officer at Sterling Bank, Olayinka Oni, commented
on the partnership's deployment saying that, “At Sterling, we
strive to be at the forefront of cutting edge technology to help us
deliver to our customers more efficiently, while maintaining the
highest levels of security possible. This innovation will push us
further in achieving these goals.”
Also speaking on behalf of Sterling Bank, Divisional Head,
Retail and Consumer Banking, Shina Atilola, stated that, “With the
distribution of these mobile biometric devices across our agent
banking network, we are now more enabled to bring top-tier banking
services closer to the people, deepen financial inclusion in the
country and exponentially increase the number of beneficiaries of
our robust and secure bouquet of products and services.”
Akintunde Carlton Jeje (Tunde) Managing Director BIO-key Africa
said, “These are exciting times, having tirelessly worked over the
past year to build an ecosystem with the right partners to support
the NIN enrollment, identity verification and financial inclusion
initiatives. We are now ready to expand our business in supporting
the tens of thousands of Independent Agents with the requisite
technologies – hardware, software and capital provided through
Specta, that allows them to traverse the country to enroll the
Nigerian citizens at scale.”
About BIO-key International, Inc.
(www.bio-key.com)
BIO-key has over two decades of expertise in providing
authentication technology for thousands of organizations and
millions of users and is revolutionizing authentication with
biometric-centric, multi-factor identity, and access management
(IAM) solutions. Its PortalGuard IAM solution provides secure,
convenient access to devices, information, applications, and
high-value transactions. BIO-key's patented software and hardware
solutions, with industry-leading biometric capabilities, enable
large-scale on-premises and Identity-as-a-Service (IDaaS) solutions
as well as customized enterprise and cloud solutions.
About Sterling Bank PLC and SpectaSterling Bank
Plc (NSE: STERLNBANK / Reuters: STERLNB.LG /Bloomberg: STERLNBA:
NL) “Your one-customer bank” is a full-service national commercial
bank in Nigeria with a 160+ physical branches across the nation, a
variety of strong and secure e-channels and a vision to become the
financial institution of choice for stakeholders through the
enhancement of robust technological capabilities in tandem with a
customer-centric business model.
Specta is an online lending platform that employs speed and the
utmost convenience for individuals and businesses looking to access
capital/finance for growth and scale. Loan transactions are
complete in all but 5 minutes with no collateral, paperwork or
physical branch visits necessary.
BIO-key Safe Harbor Statement All statements
contained in this press release other than statements of historical
facts are "forward-looking statements" as defined in the Private
Securities Litigation Reform Act of 1995 (the "Act"). The words
"estimate," "project," "intends," "expects," "anticipates,"
"believes," and similar expressions are intended to identify
forward-looking statements. Such forward-looking statements are
made based on management's beliefs, as well as assumptions made by,
and information currently available to, management pursuant to the
"safe harbor" provisions of the Act. These statements are not
guarantees of future performance or events and are subject to risks
and uncertainties that may cause actual results to differ
materially from those included within or implied by such
forward-looking statements. These risks and uncertainties include,
without limitation, our history of losses and limited revenue; our
ability to raise additional capital; our ability to protect our
intellectual property; changes in business conditions; changes in
our sales strategy and product development plans; changes in the
marketplace; continued services of our executive management team;
security breaches; competition in the biometric technology
industry; market acceptance of biometric products generally and our
products under development; our ability to execute and deliver on
contracts in Africa; our ability to expand into Asia, Africa and
other foreign markets; the duration and severity of the current
coronavirus COVID-19 pandemic and its effect on our business
operations, sales cycles, personnel, and the geographic markets in
which we operate; delays in the development of products and
statements of assumption underlying any of the foregoing as well as
other factors set forth under the caption see “Risk Factors” in our
Annual Report on Form 10-K for the year ended December 31, 2020 and
other filings with the Securities and Exchange Commission. Readers
are cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date made. Except as
required by law, the Company undertakes no obligation to disclose
any revision to these forward-looking statements whether as a
result of new information, future events, or otherwise.
Additionally, there may be other factors of which the Company is
not currently aware that may affect matters discussed in
forward-looking statements and may also cause actual results to
differ materially from those discussed. In particular, the
consequences of the coronavirus outbreak to economic conditions and
the industry in general and the financial position and operating
results of our Company, in particular, have been material, are
changing rapidly, and cannot be predicted.
Engage with BIO-key: Facebook – Corporate:
https://www.facebook.com/BIOkeyInternational/ LinkedIn – Corporate:
https://www.linkedin.com/company/bio-key-international Twitter –
Corporate: @BIOkeyIntl
Twitter – Investors: @BIO_keyIRStockTwits:
BIO_keyIR
BIO-key Media Contact:Erin Knapp Matter
Communications BIO-key@matternow.com 914-260-3158
Investor Contacts:William Jones, David
CollinsCatalyst IRBKYI@catalyst-ir.com212-924-9800
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