FAE Limited, a major player in Nigeria’s pulp, paper and packaging industry with a focus on envelope manufacturing and customisation, has launched a RFID blocking ATM card cover.
The move is targeted at changing the narrative in paper manufacturing in Nigeria while also improving security.
Speaking at the official launch of the ATM card cover last Thursday during the Lagos International Trade Fair, Funmilayo Bakare-Okeowo, managing director/chief executive officer of FAE Limited, said the product was the first of its kind in West Africa, aimed to limit fraudulent activities.
Describing the invention as a solution to electronic pick-pocketing, Bakare-Okeowo said that cards could be read with powerful RFID readers from a distance of 100 meters by malicious hackers with a view to stealing the financial data of unsuspecting users. But she said the card cover was manufactured with shielded sleeves that block RFID energy required to power the chip on contactless card.
“As technology evolves, it is no news that the future of making payments is going contactless. Contactless credit cards are cards that use Radio-Frequency Identification (RFID) for making transactions. They are faster and more convenient to use,” she said.
“With our card cover which ensures perfect protection of data due to a shield core, you no longer have to live in fear of possible loss of money. All you need to guarantee the safety of your contactless card is FAE’s stylish security encrypted card cover,” she further said.
Also present at the launch was Toki Mabogunje, president, Lagos Chamber of Commerce and Industry (LCCI). Mabogunje said the paper and pulp industry had not been performing at optimum capacity over the years despite its limitless opportunities, due to several structural challenges including abysmally weak domestic milling capacity, tough operating environment, policy flip-flop and poor infrastructure, among others. She said all these had made it increasingly difficult for the paper industry to attract and sustain private investments.
“The sector has long depended on importation. This is a downside risk to the sustainability of the paper industry. Government at all levels need to show commitment by putting in place measures that would revamp the sector while also ensuring that the operating environments conducive for industry players,” she said.
