Moniepoint Introduces Multi-Factor Authentication to Enhance Payment Security
Nigeria’s leading digital bank, Moniepoint Microfinance Bank, has introduced multi-factor authentication (MFA) to strengthen security and streamline the payment experience for its customers. According to a statement from the company, the new authentication feature is now available on both its mobile and web applications, aimed at increasing transaction success rates and ensuring top-tier security for both individual consumers and businesses.
The introduction of MFA is part of Moniepoint’s ongoing efforts to prioritize digital payment security. The company clarified that the enhanced authentication will apply only to payments made on its platforms, with specific thresholds in place: transactions exceeding ₦500,000 on the Moniepoint Personal Banking platform and those above ₦5,000,000 for users of the Business Banking app will require multifactor authentication.
Babatunde Olofin, Managing Director of Moniepoint MFB, highlighted the significance of the new feature, stating, “At Moniepoint, we take pride in leading the financial services ecosystem by consistently offering innovative payment solutions that are safe, secure, and user-friendly. By safeguarding our customers’ accounts, we contribute to a broader sense of financial happiness and security across Nigeria.”
Moniepoint Balances Convenience with Security
Traditionally, financial institutions authenticate clients through methods like card and PIN, digital login and password, or knowledge-based questions. However, Moniepoint’s MFA requires multiple forms of identity verification, including something the user knows (e.g., a password), something they possess (e.g., a phone code or token), and something they are (e.g., biometric data).
Moniepoint’s MFA integrates advanced device-based biometric technology such as fingerprint or facial recognition and token-based Time-based One-Time Passwords (TOTP), offering swift and secure payment authentication. This combination of ease and security is designed to meet customer demands for convenience while adhering to stringent regulatory requirements.
Olofin emphasized that the new solution not only meets regulatory standards but also enhances customer trust. “We recognize the potential of multi-factor authentication in unlocking innovative and secure payment solutions while maintaining the highest levels of customer trust. This solution further demonstrates our dedication to customer-centricity, aligning with the evolving needs of our users,” he added.
With the rollout of this security measure, Moniepoint continues to cement its position as a leader in Nigeria’s digital banking sector, ensuring the safety and satisfaction of its growing user base.
