- Introduction of Multifactor Authentication
- Enhancing Security and Convenience
- Biometric and Token-Based Protection
Nigeria’s leading digital bank, Moniepoint Microfinance Bank, has introduced multifactor authentication for its customers, significantly improving transaction security. According to the company, this new authentication system is now available on its mobile and web applications.
Introduction of Multifactor Authentication
The company stated that the new multifactor authentication system is designed to simplify the payment experience, increase transaction success rates, and significantly enhance security for both consumers and businesses. Authentication will only apply to transactions over 500,000 Naira on the Moniepoint Personal Banking platform and over 5 million Naira for users of its Business Banking app.
Enhancing Security and Convenience
Speaking on the introduction, the Managing Director of Moniepoint MFB, Babatunde Olofin, said the implementation of multifactor authentication is part of the company’s efforts to ensure safety on its payment platforms. He emphasized the importance of providing users with innovative and reliable solutions: "We take pride in serving the financial services ecosystem with safe, secure, and easy-to-adopt solutions, aligning with our vision to create financial happiness across Nigeria."
Biometric and Token-Based Protection
Moniepoint’s multifactor authentication leverages advanced device-based biometric technology, such as fingerprint or facial recognition, as well as token-based Time-based One-Time Passwords (TOTP) to authenticate payments swiftly and securely. The new system also includes the *5573# USSD code, providing additional security for customers in case of lost or stolen mobile phones. The company encourages existing users to update their app settings with biometric credentials to activate this feature.
The introduction of multifactor authentication by Moniepoint is a significant step toward enhancing user security and convenience, meeting stringent regulatory requirements, and maintaining high levels of customer trust.
