By Modupe Gbadeyanka
A new security feature designed to enhance customer protection and minimise fraud has been introduced by Moniepoint Microfinance Bank.
The company said in a statement that it had updated its web and mobile banking platforms with a Multi-Factor Authentication (MFA) feature that will pop up when customers are making payments, noting that it is mainly to simplify the payment experience, increase transaction success rates, and significantly enhance security for consumers and businesses.
Traditionally, financial institutions have deployed three methods of authenticating clients that include card and PIN, digital login and password, and knowledge-based questions.
The MFA typically requires two or more forms of identity verification, such as something users know (password, key code, question), something they possess (phone/email code, token, physical key), or something they are (fingerprint, biometrics).
“At Moniepoint, we take pride in serving the financial services ecosystem by consistently leading the way, 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.”
“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,” the chief executive of Moniepoint MfB, Mr Babatunde Olofin, said.
The small lender disclosed that the MFA, which will apply to transactions over N500,000 and N5 million on the Moniepoint Personal Banking and Business Banking apps, respectively, combines the ease of seamless payment experience with robust security measures, meeting both customer aspirations for convenience and regulator’s stringent authentication requirements.
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.
