Moniepoint Microfinance Bank, a leader in Nigeria’s digital banking space, has rolled out multi-factor authentication (MFA) for transactions exceeding N500,000. This new security measure, available on both the company's mobile and web platforms, is designed to improve the payment process, increase transaction success rates, and bolster security for consumers and businesses alike. According to Moniepoint’s statement, this step reflects their commitment to prioritizing digital payment security, ensuring that customers' sensitive financial transactions remain protected. For personal account holders, MFA will be required only for transactions above N500,000, while business banking users will need the extra security for payments exceeding N5 million. Babatunde Olofin, Managing Director of Moniepoint MFB, emphasized the company’s dedication to enhancing customer safety, stating, "We are committed to leading the financial ecosystem by offering innovative payment solutions that are both secure and easy to use, fulfilling our mission of creating financial happiness across Nigeria. By securing our customers’ accounts, we help foster a sense of safety that positively impacts other areas of their lives.” Moniepoint’s MFA system employs cutting-edge biometric technology, such as fingerprint or facial recognition, and token-based time-sensitive one-time passwords (TOTP). This multi-layered approach ensures that payments are authenticated quickly and securely, balancing convenience with robust protection. The company highlighted that MFA addresses both consumer demand for convenience and regulatory expectations for stringent authentication protocols, especially for large transactions. The integration of this technology shows Moniepoint’s commitment to maintaining high standards of security while keeping up with the evolving needs of its users. "We fully understand the importance of multi-factor authentication in creating secure payment opportunities, and we remain committed to maintaining customer trust as we innovate," Olofin added. Earlier in the year, Moniepoint launched the *5573# USSD code to enhance security and accessibility, particularly for safeguarding customer funds in the event of phone loss or theft. The new MFA system further complements this initiative, offering protection regardless of whether users access Moniepoint’s services via feature phones or the latest smartphones. Financial experts have lauded Moniepoint’s adoption of MFA, noting its ability to strike a balance between user experience and heightened security measures. Moniepoint’s move reinforces its role as a forward-thinking player in Nigeria's fintech sector, offering solutions that protect users while meeting regulatory requirements.
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