Identy.io, a United States-based cybersecurity and mobile biometric authentication company, has announced plans to process one billion biometric identity verification transactions in Nigeria within the next few years as digital banking adoption continues to expand across the country.

The company said increasing demand for secure digital identity systems within the banking, telecommunications, and public sectors is creating fresh opportunities for biometric authentication solutions, especially as financial institutions strengthen compliance and anti-fraud measures.

Speaking at an executive roundtable on mobile biometric innovation in Lagos, Jesus Aragon, chief executive officer, Identy.io, said Nigeria’s fast-growing digital financial services sector requires more reliable and scalable identity verification technology to support customer onboarding and transaction security.

He explained that the company’s mobile biometric solution enables users to verify their identities directly from their smartphones without depending on physical scanners, external devices, or centralized processing infrastructure.

The technology supports fingerprint and facial verification while functioning effectively in areas with limited internet connectivity.

According to Aragon, the platform is designed to integrate with Nigeria’s Bank Verification Number (BVN) system and the Nigeria Inter-Bank Settlement System (NIBSS), allowing financial institutions to carry out secure remote identity authentication.

He stated that the company’s technology includes liveness detection and deepfake identification features capable of detecting fake fingerprints, manipulated images, masks, and other fraudulent identity attempts during digital onboarding processes.

The Identy.io boss added that the company’s offline verification capability distinguishes it from several existing solutions in the market, noting that biometric authentication can be completed entirely on users’ mobile devices without constant internet access.

He further disclosed that biometric information captured during authentication remains on the user’s device instead of being transferred to external servers or centralized databases, reducing exposure to data breaches and cyberattacks.

Industry stakeholders at the roundtable also discussed the increasing pressure on Nigerian banks to improve customer verification processes following stricter regulatory directives by the Central Bank of Nigeria on Know Your Customer (KYC) compliance and fraud prevention.

Participants noted that agency banking operations in rural and low-connectivity locations continue to face security and onboarding challenges, creating demand for stronger and more flexible authentication systems.

Aragon maintained that biometric authentication could significantly reduce fraud associated with passwords and one-time passwords (OTPs), stressing that biometrics provide stronger identity assurance for financial transactions.

The company also confirmed that it has expanded its footprint across Africa, Latin America, and the United States, with operational presence already established in Nigeria and Kenya.

Aragon expressed confidence that Nigeria’s banking and telecom industries would generate massive biometric verification volumes in the coming years as financial inclusion and digital payment systems continue to deepen nationwide.

Nigeria Revenue Service (NRS), in collaboration with the Joint Revenue Board (JRB), has announced the implementation of a nationwide Taxpayer Identification (Tax ID) system, mandating all taxable persons in the country to obtain a unified tax identity.

The directive, unveiled in a public notice issued on Monday, is anchored in sections 6, 7, and 8 of the Nigeria Tax Administration Act, 2025.

The provisions require every individual and entity liable to tax in Nigeria to register for a Tax ID as part of broader reforms aimed at strengthening tax administration.

According to the notice, the Tax ID will function as a single, consolidated identifier for taxpayers, enabling seamless interaction with tax authorities across federal, state, and local levels.

The authorities said the system is designed to eliminate duplication of records, improve data integrity, and enhance the overall efficiency of tax-related processes.

The initiative forms part of ongoing efforts by regulators to deepen transparency, boost compliance, and curb revenue leakages within the tax ecosystem.

By harmonising taxpayer data across all tiers of government, officials expect improved accountability and more accurate tracking of tax obligations.

Under the new framework, the Tax ID will replace the existing Taxpayer Identification Number (TIN) validation system currently in use. Ministries, Departments and Agencies (MDAs), financial institutions, and other organisations relying on the TIN Validation API have been directed to transition to the new Tax ID infrastructure.

The NRS and JRB also advised organisations requiring system integration or validation services to engage with designated departments within both agencies for access to the Tax ID Application Programming Interface (API) and related technical guidelines.

Authorities say the reform will simplify registration, filing, and payment processes for taxpayers, while providing the government with a more robust mechanism for revenue assurance and fiscal planning.

The rollout signals a significant step in Nigeria’s ongoing tax modernisation agenda, as policymakers seek to expand the tax base and improve non-oil revenue mobilisation amid evolving economic pressures.

Securities and Exchange Commission (SEC) has approved the transition to the T+1 settlement cycle for capital market transactions from June 1, 2026.

T+1 settlement is a financial rule requiring that securities trades (like stocks, bonds, and ETFs) be finalized and ownership transferred just one business day after the trade is executed. It replaces the older T+2 system, giving investors faster access to their funds and reducing overall market risk.

This is coming some months after Nigeria moved from the T+3 settlement cycle to the T+2 settlement cycle.

In a notice on Monday, the SEC, which is the apex capital market regulator in Nigeria, said it was authorising the new system to “promote an efficient, fair, and transparent capital market.”

Under the new arrangement, equities and commodities traded by investors at the market would be cleared and settled by the Central Securities Clearing System (CSCS) within one day.

The agency noted that the migration to a T+1 settlement cycle forms part of its ongoing market modernisation initiatives aimed at enhancing market efficiency and strengthening risk management. reducing counterparty exposure, improving liquidity, and aligning the Nigerian capital market with international standards and global best practices.

“Accordingly, all eligible trades executed in the Nigerian capital market shall settle one business day after the trade date (T+1),” a part of the statement noted.

It was stressed that “Friday, May 29, 2026, shall be the final trading day under the existing T+2 settlement cycle. Trades executed on Friday, May 29, 2026, and Monday, June 1, 2026, shall both settle on Tuesday, June 2, 2026. All trades executed from Monday, June 1, 2026, onward shall be subject to the T+1 settlement cycle.”

SEC tasked all capital market operators, securities exchanges, clearing and settlement infrastructure providers, custodians, registrars, issuers, and other relevant stakeholders to take all necessary measures to ensure full operational readiness and compliance with the new settlement framework.

“Market participants are expected to review and align their systems, processes, controls, and operational workflows ahead of the implementation date,” it further stated, promising to continue to engage stakeholders and monitor the implementation process to ensure an orderly and seamless transition.

The regulator said it remains committed to strengthening market integrity, enhancing investor confidence, and fostering the development of a modern. resilient and globally competitive Nigerian capital market.