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Briefing
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- Zero-Fee Banking – U.S. biometrics firm Veridium and South Africa-based provider of financial services blockchain solution Wala will work on digital banking model to bring zero-fee banking to unbanked population in sub-Saharan Africa
- Biometrics Authentication – Will introduce Veridium’s proprietary biometrics technology, 4 Fingers TouchlessID, which captures four fingerprints at once using phone’s camera and flash, to sign up and authenticate users to new digital banking system
- Works with Regular Smartphones – Compatible with Android models up to 10 years old, enabling users in developing countries to access financial and government programs
- World’s Unbanked – 3.5 billion around world do not have bank accounts and are excluded from financial system
- Applications – Can enable users to pay bills, as well as save and grow their money
- Timeline – Pilot project to roll out on January 2018
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Accelerator
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Market Disruption
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Sector
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Financial Services, Information Technology
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Organization
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Veridium Ltd., Wala
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Source
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Original Publication Date
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November 16, 2017
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