Moniepoint, a Microfinance Bank (MFB) says it has added a security feature to its digital payments services, to enhance customer protection and prevent fraud.
Babatunde Olofin, Managing Director, Moniepoint MFB, said this in a statement on Monday in Lagos.
Olofin said the feature enabled additional factor authentication for customers when making payments.
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He said the Multi Factor Authentication (MFA) on its mobile and web applications was designed to simplify the payment experience, increase transaction success rates and significantly enhance security for consumers and businesses.
“The MFA will apply to transactions over the sum of five hundred thousand naira and five million naira on the Moniepoint Personal Banking and Business Banking apps respectively.
“It 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 (TTOP) to authenticate payments swiftly and securely,” Olofin said.
According to him, 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 said Moniepoint fully recognised 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.
He noted that the solution further demonstrated the company’s dedication to customer-centricity, keeping in line with regulatory requirements and compliance in deploying solutions that met the evolving needs of users.
“Traditionally, financial institutions have deployed three methods of authenticating clients, this includes card, pin, digital login and password and knowledge-based questions.
“Multi-Factor Authentication (MFA) typically requires two or more forms of identity verification, such as something you know (password, key code, question), something you possess (phone/email code, token, physical key), or something you are (fingerprint, biometrics).
“By implementing MFA, consumers are not only safeguarding their personal, financial and professional data but also taking a stand for a safer online world,” Olofin said.
