Nigeria’s leading digital bank, Moniepoint Microfinance Bank has introduced multifactor authentication for its customers. This was disclosed in a statement by the company seen by Technext. According to the statement, the multifactor authentication which is now available on the company’s mobile and web applications, is designed to simplify the payment experience, increase transaction success rates, and significantly enhance security for consumers and businesses.
The company said the introduction is a demonstration of its commitment to making securing digital payments a top priority. The company also said the authentication will only apply to customers when they make payments.
The company also noted that the authentication will only apply to transactions over the sum of five hundred thousand naira on the Moniepoint Personal Banking platform. For users of its Business Banking app, multifactor authentication will only apply for transactions above five million naira.
Speaking on the introduction, the Managing Director of Moniepoint MFB, Babatunde Olofin, said the introduction is part of its efforts to ensure safety and security on its payment platform.
“At Moniepoint, we take pride in serving the financial services ecosystem by consistently leading the way and bringing innovative payment solutions that are safe, secure, and easy to adopt, aligning with our vision of creating financial happiness across Nigeria. When people’s accounts are safe, the feeling of safety permeates and fuels the happiness that they experience across other areas of their lives,” he said.
Moniepoint combines ease with robust security
Traditionally, financial institutions deploy three methods of authenticating clients. This includes card and PIN, digital login and password, and knowledge-based questions. However, Multi-Factor Authentication (MFA) typically requires two or more forms of identity verification. They usually include something you know (password, key code, question), something you possess (phone/email code, token, physical key), or something you are (fingerprint, biometrics).
Moniepoint’s MFA leverages advanced device-based biometric technology, such as fingerprint or facial recognition and token-based Time-based One-Time Password (TOTP) to authenticate payments swiftly and securely.
The company noted that by introducing the latest security measure for its various categories of users, it is combining the ease of seamless payment experience with robust security measures. Thus, it is meeting both customer aspirations for convenience and the regulator’s stringent authentication requirements.
The managing director, Babatunde Olofin noted that the company is unlocking opportunities while still maintaining high levels of customer trust.
“We fully recognize the potential and impact of multi-factor authentication (MFA) in unlocking opportunities for innovative and secure payment solutions, all while maintaining the highest levels of customer trust. This solution further demonstrates our dedication to customer-centricity, keeping in step with regulatory requirements and compliance while deploying solutions that meet the evolving needs of our users,” he said.
Earlier this year, Monieppoint introduced the *5573# USSD code, with the aim of increasing security, convenience and accessibility while safeguarding customer funds in case of loss or theft of mobile phones. The company explained that when existing customers, encompassing business and personal accounts, log onto their mobile banking app, they will receive a prompt and or notification to update their settings with a biometric credential in order to activate this feature.
The company also said that financial experts have commended its latest move as the MFA system balances security with user experience whether users have a feature phone or own the latest smartphone device.
“By implementing MFA, consumers are not only safeguarding their personal, financial and professional data but also taking a stand for a safer online world,” the company said.
See also: Moniepoint ranked as Africa’s fastest growing financial institution by Financial Times
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