Business

Just In: Masked Face Transaction May Fail As Banks Install Face Detection Features At ATM

Published

5 years ago

July 9, 2020

Some Banks Have installed face detection features in their ATMs which can prevent an ATM from dispensing cash if it is unable to recognise the face of the user, findings have revealed.

While the banks have introduced the wearing of face masks as a condition to enter the banking halls, they have also advised customers to remove it when they want to withdraw money from ATMs.

For instance, in an email sent to its customers on measures to keep transactions protected, Fidelity Bank said, “ Wearing of face masks is a safety and precautionary measure we must all adhere to in this period of the COVID-19 pandemic.

“ However, we advise that you remove your face mask while making withdrawals or carrying out ATM transactions to allow our ATM properly recognise you.

“ Fidelity Bank ATM machines have face detection features installed to curb incidences of fraudulent ATM withdrawals.

“ Consequently, you may not be able to carry out any transaction if our ATMs are not able to properly recognise you. We apologise for the inconvenience that this may cause you.”

Banks consequently advised customers to remove their face masks when carrying out transactions through Automated Teller Machines (ATM) to ensure that their faces are properly recognised.

As lockdown continues to ease gradually, banks have continued to expand their operations.

Related Topics:#Banks #COVID-19 Lockdown #Face mask

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Business

Naira Records First Appreciation Against US Dollar As Foreign Reserves Hit $46.7bn

Published

1 day ago

November 19, 2025

Editor

The Naira recorded its first appreciation against the United States dollar at the official foreign exchange on Tuesday this week.

The Central Bank of Nigeria’s data showed that the Naira strengthened on Tuesday to N1,447.43 per dollar, up from N1,448.03 exchanged on Monday.

This means that the Naira gained N0.6 against the dollar on a day-to-day basis.

Meanwhile at the black market, the Naira remained unchanged at N1,465 per dollar on Tuesday, the same rate exchanged on Monday.

Checks on Nigeria’s foreign reserves showed that it has risen to $43.97 billion as of November 17th, 2025, according to the Central Bank of Nigeria’s data.

Meanwhile, the apex bank governor, Olayemi Cardoso, in an event on Tuesday, said the country’s foreign reserves rose to a seven-year high of $46.7 billion as of November 14.

Business

Dangote Sugar Announces South New CEO

Published

1 day ago

November 19, 2025

Editor

Dangote Sugar Plc has announced Mr Thabo Mabe, a South African, as its new Group Managing Director and Chief Executive Officer.

This follows the sudden resignation of Mr Ravindra Singhvi, an Indian.

The company disclosed this in a shareholders’ notice on Tuesday, in compliance with Nigerian Exchange Limited regulations.

Mabe’s appointment takes effect from December 1, while Singhvi’s resignation is effective from November 3ⁿ2025. The firm did not state a reason for Singhvi’s resignation.

“Mr Singhvi made significant contributions to the growth and transformation of the company and leaves behind a record of operational excellence,” the statement, signed by Mrs Temitope Hassan, Company Secretary and Legal Adviser, read.

Business

Naira Records Second Consecutive Depreciation Against US Dollar

Published

1 week ago

November 12, 2025

Editor

The Naira recorded its second consecutive depreciation against the United States dollar at the foreign exchange market on Tuesday to continue the bearish trend this week.

The Central Bank of Nigeria’s data showed that the Naira further weakened on Tuesday to N1,438.71 against the dollar, down from N1,437.2933 exchanged on Monday.

This means that the Naira again dropped by N1.42 against the dollar on Tuesday on a day-to-day basis.

At the black market, the Naira remained flat at N1465 per dollar on Tuesday, the same rate traded on Monday.

This is the second consecutive decline of Nigerian currency at the official market since the commencement of this week.

Meanwhile, the country’s external reserves had continued to rise, standing at $43.37 billion as of Monday, 10th November 2025, up from $43.35 billion on November 7.