Introduction

Nigeria’s leading digital bank, Moniepoint Microfinance Bank, has taken a significant step to bolster the security of its customers by introducing multifactor authentication (MFA). This feature, now available on the bank's mobile and web applications, aims to simplify payments, enhance transaction success rates, and offer an extra layer of security for both personal and business users.

A Commitment to Secure Digital Payments

Moniepoint’s introduction of MFA reflects its ongoing commitment to ensuring the safety and security of digital payments. The bank emphasized that this added security measure is designed to protect customers specifically during payments. According to the company’s statement, this new feature will primarily be applied to high-value transactions.

Transaction Limits for Multifactor Authentication

Moniepoint’s multifactor authentication will only be activated for transactions exceeding 500,000 Naira on the Personal Banking platform. For business users, transactions above 5 million Naira will trigger the MFA process on the Business Banking app. These thresholds ensure that larger, high-risk transactions are safeguarded by more stringent security protocols.

Babatunde Olofin, Managing Director of Moniepoint, highlighted the bank’s focus on ensuring a secure and seamless user experience. “At Moniepoint, we take pride in consistently leading the financial services ecosystem by introducing innovative payment solutions that prioritize safety and security,” he noted.

Understanding Multifactor Authentication

MFA is a method of authentication that requires two or more verification steps to confirm a user's identity. Traditional authentication methods typically involve just a PIN, password, or security question, but MFA adds an extra layer of security through a combination of the following:

  • Something you know: such as a password or PIN.
  • Something you have: like a token, phone code, or physical key.
  • Something you are: including biometrics like fingerprint or facial recognition.

Moniepoint’s MFA uses advanced biometric technology and token-based Time-based One-Time Passwords (TOTP) to verify payments securely and efficiently, offering users peace of mind with each transaction.

Seamless Payment Experience with Robust Security

Moniepoint has designed its MFA system to blend a frictionless payment experience with cutting-edge security protocols. The new feature balances customer demand for ease of use with the regulator’s stringent security requirements, ensuring that Moniepoint’s solutions align with the evolving landscape of digital banking.

Babatunde Olofin reiterated Moniepoint’s mission to maintain customer trust while innovating: “This solution unlocks new opportunities for secure payment solutions, all while adhering to regulatory standards and meeting the needs of our users.”

Innovations in Mobile Banking Security

Earlier this year, Moniepoint introduced the USSD code *5573#, allowing users to secure their funds in cases of phone loss or theft. This initiative aimed to increase security, accessibility, and convenience for Moniepoint’s customers across all devices, whether feature phones or the latest smartphones.

As part of its ongoing security measures, existing users will receive prompts to update their biometric credentials when they log into the mobile banking app, further enhancing their account protection.

Balancing User Experience with Security

Moniepoint’s introduction of MFA has been well-received by financial experts, who commend the company for striking a balance between user experience and security. The new system not only safeguards personal, financial, and professional data but also encourages consumers to take an active role in securing their online presence.