Mustapha Ayoola Ishola

Almost everyone agrees that present day banking systems and payment authorization techniques are far from perfect. This qualitative and conceptual paper attempts to redefine some roles of the central bank in financial systems and economic stability and proposes a new and innovative banking system authorization process. This new process will help to curb most financial irregularities and banking failures by offering central banks a draconian interventionist technique in retail banking that could shape the future structural development of the financial system and the economy and curtail crises. Identity is key to banking. It should, therefore, be of utmost importance that a good banking system be identity based. Hence, one should use a biometric authentication system for access control and operational management by a re-organization of the modus operandi in bank processing systems