Moniepoint MFB Improves Customers Account Safety with New Features
Moniepoint Microfinance Bank said it has further secured customers digital payments services, offering additional Factor of Authentication for customers when making payments.
THECONSCIENCE NG reports that the lender has introduced a Multi Factor Authentication, MFA on its mobile and web applications, designed to simplify the payment experience, increase transaction success rates, and significantly enhance security for consumers and businesses.
The MFA, which 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, 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.
According to Babatunde Olofin, Managing Director, Moniepoint MFB, “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.”
Olofin continues, “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.”
Traditionally, financial institutions have deployed three methods of authenticating clients that include 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).
