BIO-key and RunLevel Strengthen Identity Security Across Mozambique's National Payments Infrastructure for Sociedade Interbancária de Moçambique (SIMO)
MWN-AI** Summary
BIO-key International, Inc. (NASDAQ: BKYI), a leader in biometric-centric Identity and Access Management (IAM) solutions, has announced a multi-year strategic collaboration with Sociedade Interbancária de Moçambique (SIMO), Mozambique's operator of the national electronic payments network. This partnership aims to enhance identity security across Mozambique’s financial ecosystem, following a prior IAM deployment in May 2025 for a prominent National Bank.
Working alongside RunLevel, a regional cybersecurity integrator, BIO-key will deploy its PortalGuard® IAM platform, which includes tokenless authentication through PIN:You™ and Single Sign-On capabilities. This initiative seeks to improve governance, bolster cybersecurity resilience, and streamline secure access for financial institutions utilizing SIMO's infrastructure. The upgrade aligns with SIMO’s vision of adopting enterprise-grade identity security practices consistent with international standards and further modernizing the country's financial sector.
Given Mozambique's population of 36.6 million and the ongoing increase in digital banking adoption, there is a pressing need for robust identity security to maintain user trust and ensure compliance with regulations. Juna Chiloveque, SIMO's CISO, emphasized that the partnership is vital for enhancing security across payment services.
RunLevel's Managing Partner, Miguel Guerreiro, stated the partnership underscores their commitment to enhancing digital trust in Africa's financial realm. BIOS-key’s Managing Director, Alex Rocha, noted that this collaboration represents a significant advancement in supporting a secure digital infrastructure for banking in Mozambique.
Overall, this agreement not only symbolizes a critical step for Mozambique's financial evolution but also highlights the growing importance of sophisticated identity security frameworks within the global financial landscape.
MWN-AI** Analysis
BIO-key International, Inc. (NASDAQ: BKYI) is positioning itself advantageously in the growing identity security market with its recent multi-year agreement with Sociedade Interbancária de Moçambique (SIMO) to enhance identity and access management (IAM) within Mozambique's national payments infrastructure. This collaboration is expected to significantly bolster BIO-key’s revenue potential, given SIMO's pivotal role in Mozambique’s banking system as well as the increasing urgency for robust cybersecurity solutions in digital banking amid a population of over 36 million.
By integrating BIO-key's PortalGuard® IAM platform, which includes features like tokenless authentication and Single Sign-On capabilities, this initiative addresses key pain points for financial institutions in terms of identity governance and cybersecurity resilience. The move aligns with global trends prioritizing enterprise-grade identity security, creating a conducive environment for operational continuity and trust among users.
Investors should pay close attention to BIO-key's ability to execute this project successfully and leverage it as a case study for similar opportunities in other emerging markets. The partnership with RunLevel not only enhances regional expertise but also broadens BIO-key's international footprint, reflecting a strategic approach to capturing market share in the burgeoning African digital banking sector.
As digital banking adoption continues to accelerate, driven by increased internet penetration and mobile accessibility, the demand for effective IAM solutions will likely rise. Thus, BIO-key's strategic decisions in enhancing its product offerings and partnerships like the one with SIMO could lead to significant market opportunities.
Given these developments and the company's focus on innovative security solutions, BIO-key’s stock may represent a compelling investment opportunity within the tech sector as it continues to strengthen its position in the identity security market. Investors should monitor upcoming earnings reports and project updates closely to gauge the impact of this initiative on BIO-key’s financial performance.
**MWN-AI Summary and Analysis is based on asking OpenAI to summarize and analyze this news release.
MAPUTO, Mozambique and HOLMDEL, N.J., Feb. 24, 2026 (GLOBE NEWSWIRE) -- BIO-key® International, Inc. (NASDAQ: BKYI), a global leader in biometric-centric Identity and Access Management (IAM) solutions, today announced a new strategic, multi-year agreement with Sociedade Interbancária de Moçambique (SIMO), the operator of Mozambique’s national electronic payments network. Working in partnership with RunLevel, a specialized regional integrator with identity and cybersecurity experience across Africa, BIO-key will support the modernization of identity and access security across SIMO’s financial ecosystem. The agreement builds on BIO-key’s and RunLevel’s first joint IAM deployment in Mozambique, in May 2025, for a major National Bank.
Under initiative, BIO-key’s PortalGuard® IAM platform, PIN:You™ tokenless authentication, and Single Sign-On (SSO) capabilities will be integrated into SIMO’s environment to improve governance, boost cybersecurity resilience, and streamline secure access for institutions participating in the national payments infrastructure.
The agreement supports SIMO’s long-term strategy to adopt enterprise-grade identity security aligned with international best practices while continuing to modernize Mozambique’s financial sector. The deployment represents BIO-key’s 11th banking and financial sector customer globally.
SIMO plays a key role in Mozambique’s banking system, by enabling interoperability, clearing, and settlement services across banks and financial service providers via the country’s single national electric payments network known as SIMOrede. As digital banking adoption accelerates to serve Mozambique population of 36.6 million, the need for strong, identity-first security has become critical to maintaining trust, operational continuity, and regulatory compliance.
“As Mozambique’s financial system continues to evolve, identity security is vital for ensuring trust, interoperability, and operational resilience across payment services,” said Juna Chiloveque, SIMO’s IT Security and Compliance, CISO. "Partnering with BIO-key and RunLevel allows SIMO to adopt modern identity and access management solutions that strengthen governance, protect essential systems, and support the secure digital transformation of our national payments infrastructure.”
“Partnering with SIMO and BIO-key on this project demonstrates RunLevel’s commitment to strengthening digital trust across Africa’s financial ecosystems,” said Miguel Guerreiro, Managing Partner, RunLevel. “By combining local expertise with advanced IAM technologies, we are helping establish secure authentication foundations that allow banks to innovate confidently while safeguarding critical payment infrastructure.”
“Our collaboration with SIMO marks an important step in supporting secure digital banking infrastructure in Mozambique,” said Alex Rocha, BIO-key’s Managing Director – International. “Together with RunLevel, we are deploying scalable IAM technologies that help financial institutions modernize access, reduce identity risks, and enable trusted digital services across the ecosystem.”
About Sociedade Interbancária de Moçambique (SIMO) (https://www.bancomoc.mz/en/)
SIMO manages the country’s unified electronic payments system, enabling secure clearing, settlement, and interoperability across Mozambique’s banking and financial services network. SIMO plays an important role in advancing financial inclusion and digital transformation nationwide.
About Runlevel (www.runlevel.pt)
Runlevel is a specialized cybersecurity solutions provider focusing on Portuguese-speaking African countries (PALOP) and Timor-Leste. The company delivers advanced IT security, infrastructure, and compliance solutions, helping organizations navigate the evolving cybersecurity landscape with best-in-class technology and expert consulting services.
About BIO-key International, Inc. (www.BIO-key.com)
BIO-key is revolutionizing authentication and cybersecurity with biometric-centric, multi-factor identity and access management (IAM) software securing access for over forty million users. BIO-key allows customers to choose the right authentication factors for diverse use cases, including phoneless, tokenless, and passwordless biometric options. Its cloud-hosted or on-premise PortalGuard IAM solution provides cost-effective, easy-to-deploy, convenient, and secure access to computers, information, applications, and high-value transactions.
BIO-key Safe Harbor Statement
All statements contained in this press release other than statements of historical facts are "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995 (the "Act"). The words "estimate," "project," "intends," "expects," "anticipates," "believes" and similar expressions are intended to identify forward-looking statements. Such forward-looking statements are made based on management's beliefs, as well as assumptions made by, and information currently available to, management pursuant to the "safe-harbor" provisions of the Act. These statements are not guarantees of future performance or events and are subject to risks and uncertainties that may cause actual results to differ materially from those included within or implied by such forward-looking statements. These risks and uncertainties include factors set forth under the caption "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2024, and other filings with the SEC. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date made. Except as required by law, we undertake no obligation to disclose any revision to these forward-looking statements, whether as a result of new information, future events, or otherwise.
| Engage with BIO-key: | |
| LinkedIn – Corporate: | https://www.linkedin.com/company/bio-key-international |
| X – Corporate: | @BIOkeyIntl |
| X – Investors: | @BIO_keyIR |
| StockTwits: | BIO_keyIR |
BIO-key Resources:
https://www.bio-key.com/portalguard-2/
https://www.bio-key.com/biometrics/
https://www.bio-key.com/hardware/
Investor Contacts:
William Jones, David Collins Catalyst IR
[email protected] or 212-924-9800
FAQ**
How does BIO-key International Inc. BKYI's partnership with Sociedade Interbancária de Moçambique enhance the security protocols of Mozambique's national electronic payments network?
In what ways will BIO-key International Inc. BKYI's PortalGuard IAM platform specifically streamline access for institutions within SIMO's financial ecosystem?
What are the expected long-term impacts of BIO-key International Inc. BKYI's collaboration with RunLevel on the financial sector's modernization in Mozambique?
How does BIO-key International Inc. BKYI plan to address the increasing digital banking adoption in Mozambique to ensure cybersecurity resilience within SIMO's network?
**MWN-AI FAQ is based on asking OpenAI questions about BIO-key International Inc. (NASDAQ: BKYI).
NASDAQ: BKYI
BKYI Trading
6.69% G/L:
$0.6575 Last:
114,245 Volume:
$0.66 Open:
