Nigeria’s leading digital bank, Moniepoint Microfinance Bank (MFB), has introduced multifactor authentication (MFA) across its mobile and web platforms. This step is part of the bank’s ongoing efforts to strengthen security measures and ensure safer digital payment experiences for both consumers and businesses. According to a statement seen by Technext, the implementation is expected to simplify payment processes, boost transaction success rates, and significantly enhance security.
A Step Towards Safer Payments
Moniepoint’s introduction of MFA demonstrates its commitment to safeguarding digital payments by adding an extra layer of protection for high-value transactions. The MFA requirement applies to transactions exceeding 500,000 naira for users of its Personal Banking platform and transactions above five million naira on its Business Banking app. This threshold aims to protect users without creating additional friction for smaller transactions.
According to Babatunde Olofin, the Managing Director of Moniepoint MFB, the introduction of MFA aligns with the bank’s vision of creating “financial happiness” across Nigeria by ensuring that customers feel secure using the 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… When people’s accounts are safe, the feeling of safety permeates and fuels the happiness that they experience across other areas of their lives,” Olofin stated.
How Multifactor Authentication Works
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Traditionally, financial institutions have relied on basic authentication methods such as card and PIN combinations, passwords, and knowledge-based security questions. However, Multifactor Authentication (MFA) takes this a step further by requiring at least two or more forms of verification to authenticate a user’s identity. These methods could include:
- Something you know (password or PIN)
- Something you possess (device-based codes or tokens)
- Something you are (biometric data like fingerprints or facial recognition)
Moniepoint’s MFA system leverages advanced biometric technology such as fingerprint scanning and facial recognition, as well as token-based time-limited one-time passwords (TOTP). This ensures that even in the case of lost passwords or stolen devices, users’ accounts remain secure.
Balancing Ease and Security
In introducing this security feature, Moniepoint aims to balance robust security measures with a seamless payment experience. The bank emphasizes that it will continue to deliver an easy-to-use platform without sacrificing safety. By combining cutting-edge technology with user-friendly solutions, Moniepoint is catering to both customer expectations and regulatory requirements.
Olofin further remarked that implementing MFA is not just about security; it’s about creating trust and unlocking new opportunities for growth in Nigeria’s digital payment ecosystem.
“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,” Olofin added.
Enhancing Financial Security and Accessibility
Earlier in the year, Moniepoint introduced the *5573# USSD code, designed to protect customer accounts in the event of phone loss or theft. This move was lauded by customers and financial experts as a step toward more secure banking services, even for users without smartphones. The USSD service provides added convenience, enabling users to manage their accounts from basic mobile devices.
When customers log into their Moniepoint mobile banking app, they are prompted to update their settings with a biometric credential to activate MFA. This ensures that regardless of the type of device—whether a feature phone or the latest smartphone—users can benefit from enhanced security measures.
Financial Experts Applaud Moniepoint’s Move
Moniepoint’s latest initiative has drawn praise from financial experts who believe the MFA system strikes the right balance between security and user experience. The bank’s approach to safeguarding user data and offering a seamless payment experience positions it as a leader in Nigeria’s digital banking sector.
By implementing MFA, Moniepoint is empowering its users to take control of their financial security, protecting their personal, financial, and professional data. As digital payment fraud continues to rise globally, measures like MFA are seen as critical in creating a safer online environment.
“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 stated.
Conclusion: Strengthening Customer Trust with Innovation
Moniepoint’s adoption of multifactor authentication marks an important milestone in the evolution of Nigeria’s digital banking sector. By prioritizing security without compromising ease of use, Moniepoint is setting new standards for the industry. Its ability to offer innovative solutions like biometric MFA and USSD security shows that it is committed to providing all its customers—businesses and individuals—with the tools they need to bank confidently in today’s digital world.
As more Nigerians embrace digital banking, Moniepoint’s focus on innovation, security, and customer satisfaction ensures it will remain a key player in the market, driving trust and growth across the financial services sector.
