Moniepoint Microfinance Bank, a leading financial institution serving small and medium-sized businesses in Nigeria, has introduced a new security feature aimed at bolstering customer protection and preventing fraud. The bank recently launched Multi-Factor Authentication (MFA) for its mobile and web applications, enhancing the security of digital payments while maintaining a seamless user experience.
The new MFA feature applies to transactions exceeding ₦500,000 on Moniepoint’s Personal Banking app and ₦5 million on its Business Banking platform. By integrating advanced biometric technologies like fingerprint and facial recognition, along with Time-based One-Time Password (TOTP) token systems, Moniepoint ensures that transactions are both secure and convenient.
Strengthening security for Nigerian businesses
According to Babatunde Olofin, Managing Director of Moniepoint MFB, the implementation of MFA is part of the bank’s ongoing commitment to providing secure and innovative payment solutions. Olofin emphasized the importance of customer trust and the role secure transactions play in enhancing overall financial wellbeing.
"At Moniepoint, we prioritize the safety of our customers’ funds. By introducing Multi-Factor Authentication, we are not only meeting regulatory demands but also aligning with our vision of delivering financial happiness across Nigeria. Safe accounts lead to peace of mind, which translates to satisfaction in other aspects of life," Olofin said.
He added that MFA offers a balance between robust security and user-friendly solutions, ensuring that Moniepoint continues to lead in providing innovative and secure banking services.
How Moniepoint’s MFA works
Multi-Factor Authentication requires users to verify their identity through two or more forms of identification, enhancing security beyond traditional methods like PINs or passwords. Moniepoint’s MFA solution combines device-based biometric authentication with TOTP tokens, ensuring swift and secure processing of payments for both personal and business users.
The bank’s decision to introduce MFA aligns with global best practices for digital security. Traditionally, banks have used methods such as card and PIN, digital logins, and knowledge-based questions to authenticate users. However, MFA adds an extra layer of protection by combining "something you know" (like a password), "something you have" (like a token or phone), and "something you are" (such as biometrics) for a more comprehensive security system.
Earlier initiatives to improve security
Earlier this year, Moniepoint launched a USSD code, *5573#, which allows customers to secure their accounts in the event of phone loss or theft. The introduction of MFA further reinforces the bank’s dedication to security, with users being prompted to update their app settings to enable biometric authentication for added protection.
Customer-centric security innovations
Financial experts have praised Moniepoint’s MFA feature, noting its balance between security and user experience. Regardless of whether customers use basic feature phones or the latest smartphones, the new security layer offers enhanced protection without compromising convenience.
"By implementing MFA, Moniepoint not only protects personal and financial data but also empowers customers to take a stand for a safer digital ecosystem," said one financial expert.
Moniepoint’s innovative approach to security comes at a time when digital payments are increasingly becoming the norm in Nigeria. With this new feature, the bank continues to solidify its position as a leader in secure financial services for Nigerian businesses and individuals.
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