| The Financial Card |
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Do you have any queries about the financial card? Visit our FAQ section. What is a financial card?It is a card used to verify your identity and by storing biometric information (your unique identity information), via a microchip on the card.It can also be referred to as being an instant information tool for credit providers to know who you are. It stores information about your name, surname, your address and it also gives you a unique identification number, so no-one can steal your identity. Furthermore a template of you fingerprint is also stored on the card, which aids as an additional verification method so as to ensure your identity when borrowing money or opening a new account. When handing the card to the credit provider, the card will be inserted into a reader and they will ask you to place your finger on a fingerprint scanner to verify that it is you who they are dealing with. This will ensure that no-one can claim to be you or borrow money on your behalf or on your name. Your debt will be solely yours. Why do ugandans need an id number system?The citizens of Uganda that operate in the formal commercial banking sector can benefit from a unique identity number in a variety of ways.
Banks and MDI’s want to give people a sure-fire way of proving they are who they say they are. The financial cards can assist with financial security, help tackle identity fraud, prevent illegal money laundering, and most importantly ensure that borrowers are able to have their own identity in a faceless world of credit. If you have been a good payer and that information is not linked to your profile, you will have lost a certain amount of credibility or reputation. Identity numbering in a financial sector assists greatly with protecting your reputational collateral and enables you to get the recognition you deserve. A new entrant or borrower that has been identified is able to be treated as if he or she is already known. This allows lenders to transact with higher levels of confidence. In the absence of an ID system for identification, unscrupulous individuals get loans from one lender and then walk right into the next branch or lender's outlet to get a second loan without repaying them. This cycle of credit running leaves banks highly exposed. They in turn increase their charges to cover the losses and the good customer is as a result affected. Using Identity numbers benefits banks by assisting to protect losses and can help borrowers by reducing rising increases to cover losses. Identity numbers assist the growth and development of the financial sector and the economy as a whole.what is biometrics?Biometrics refers to the identification of a person based on his/her physiological characteristics. It includes fingerprints, facial recognition, voice recognition and iris (eye) scanning.Why has uganda chosen biometric technology?A credit reference bureau relies on the unique identification of borrowers' information to successfully and accurately report information.In Uganda there are presently disparate forms of identification often resulting in duplication and sometimes allowing for more than one form of duplication. Biometric technology removes all these uncertainties in positively identifying an individual. It also allows for the combating of identity fraud and assists to secure all financial processes and transactions. Using a unique, physical attribute of your body, such as your fingerprint, to effortlessly identify and verify that you are who you claim to be, is among one of the best solutions. That is the simple truth and power of biometrics technology today. Biometric technology not only simplifies our lives, it delivers significant levels of security.why must the crb use an fcs nr. and not a company's reg. nr. or tin nr.?In the same way as a credit reference bureau needs a unique number for matching individuals' profiles directly, the same is true with company credit profiles.In some cases records could be supplied without one or the other number and the CRB would be unable to accurately match the records. Additionally different institutions have previously been issued with duplicated numbers.
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