Matsheka launches banking platform which instantly verifies your OMANG online

Customers will no longer need to present certified copies of their OMANG documents when they visit a bank.

Matsheka launches banking platform which instantly verifies your OMANG online
Minister of Finance and Economic Development Dr. Thapelo Matsheka

Minister of Finance and Economic Development Dr. Thapelo Matsheka has revealed that you will no longer need to produce certified copies of OMANG when you visit a bank. The Minster was officiating the launch of the Bankers’ Association of Botswana Electronic Know-Your-Customer (eKYC) project.

The “eKYC System”, as it is referred to in the industry, is a simple, yet revolutionary application, which provides commercial banks with online instant verification of “OMANG” identification documents against the national citizen database. It is the culmination of collaborative efforts between the Bankers Association of Botswana, Bank of Botswana and the Financial Intelligence Agency in their roles as the industry regulators and the Ministry of Immigration, Nationality and Gender Affairs which is the ultimate owner and custodian of the national repository for citizen identification data.

Speaking during the launch recently, Matsheka said the utility, speed and simplicity of the eKYC Interface is indeed a marvel and a welcome development. “Instant search and verification enables faster service provision to customers, thus contributing to overall improvement in quality of service,” he said.

By comparison, the old manual verification process which would involve referring searches to the Omang office for validation, with a waiting period ranging from several hours to few days.   From a systemic and regulatory perspective, Matsheka said the eKYC Interface stands out as a vital pillar in ensuring that banks adhere to the strictures of Know-Your-Customer (KYC) compliance, which is a critical component of an effective national Anti-Money Laundering (AML) regime.

“The fact that customers will no longer need to present certified copies of their omang documents when they visit a bank will be a time saver for both customers and the various certifying agencies in government and the private sector, such as the Police, Magistrates, Attorneys, Dikgosi and others,” he said adding that while the system that is being launched today is exclusive to banks, it will in future be made available to other financial institutions as a way of strengthening the national AML/KYC regime across the financial sector.

“This proposition is most welcome as it will move Botswana closer to achieving total fulfilment of international AML/KYC compliance requirements as prescribed by the Financial Action Task Force and its affiliated Financial Action Task Force(FATF)-style Regional Body, the Eastern & Southern African Anti-Money Laundering Group (ESAAMLG),” he said.