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Moniepoint MFB announces security feature to enhance customer protection and fraud prevention

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Nigeria’s definitive bank for small and medium-sized businesses, as well as their customers and employees, Moniepoint Microfinance Bank has made securing digital payments a top priority, implementing the need for additional Factor of Authentication by customers when making payments.

Tunde Olofin MD Moniepoint MFB

It 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).

It will be recalled that earlier this year, Monieppoint introduced a USSD code, *5573# to increase security, convenience and accessibility while safeguarding customer funds in case of loss or theft of mobile phones.

When existing customers, encompassing business and personal accounts, log onto their mobile banking app, they will receive a prompt and or notification to update their settings with a biometric credential in order to activate this feature.

Financial experts have commended this latest move by Moniepoint, as the MFA system balances security with user experience whether you have a feature phone or own the latest smartphone device.

By implementing MFA, consumers are not only safeguarding their personal, financial and professional data but also taking a stand for a safer online world.


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Ugo Onwuaso is an ICT enthusiast. He believes technology should be used for general good. He holds a Master of Public Administration (MPA) degree from the Lagos state University. Dear Reader, Your support matters. But we believe that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. That is why, we have devoted our energy to independent reportage of technology and finance and how they affect lives. Our incisive and analytical view of how technology news affects the daily life help individuals and organizations make up their minds. Quality journalism costs money. Today, we're asking that you support us to do more. Kindly support our effort to deliver technology and finance journalism to everyone in the world. Donate as little as N1,000. Bank transfers can be made to: UBA Plc 1017156876 Communication Week Media Ltd

E-Financial

African Fintech Sector Grows, Enhancing Access to Finance

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A new European Investment Bank (EIB) research released yesterday shows the number of fintech companies in Africa has nearly tripled since 2020, boosting access to finance for people and businesses across the continent.

The report Finance in Africa 2024 highlights both developments in the African financial sector and constraints to the region’s economic progress.

According to the report, Africa’s fintech sector is prospering as digital finance grows at a faster rate than traditional banks.

The EIB report says the number of African companies offering new financial services increased from 450 in 2020 to 1,263 at the beginning of 2024.

“Fintech is revolutionising the way we think about finance in Africa,” says EIB vice-president Thomas Östros. “By leveraging technology, we can improve access to finance for millions and foster sustainable economic growth.”

The Finance in Africa report includes data from the ninth annual EIB Banking in Africa survey that details diverse challenges and confirms resilience of the African banking sector.

“While we see some signs of improvement, the high cost of finance remains a source of concern,” says EIB chief economist Debora Revoltella. “As we navigate the dual challenges of climate change and the digital transformation, the role of multilateral development bank lending is even more relevant in supporting sustainable growth on the continent.”


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E-Financial

CBN’s New Directive: Banks to Trade Foreign Currency Deposits

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Central Bank of Nigeria (CBN) has authorized banks to trade with foreign currency deposits made under its new amnesty initiative, the “Disclosure Scheme.”

This directive, intended to boost transparency and economic resilience, was issued on November 5 and signed by CBN officials John Sonojah and Adetona Adedeji.

The “Disclosure Scheme,” launched on October 31, offers individuals and businesses a nine-month window to deposit foreign currencies with amnesty assurances, aiming to strengthen Nigeria’s financial sector.

According to CBN’s guidelines, banks—including commercial, merchant, and non-interest banks (CMNIBs)—can trade these foreign currency deposits, known as Internationally Tradable Foreign Currencies (ITFCs), unless participants choose to invest them directly.

However, banks must ensure the funds remain available to depositors upon request.

CBN outlined the role of banks in facilitating this scheme. Responsibilities include opening designated domiciliary accounts, issuing receipts within 24 hours of deposit, and maintaining confidentiality as per Nigerian data protection laws.

Additionally, banks are required to report all ITFC transactions and ensure compliance with regulatory frameworks, including anti-money laundering and terrorism financing laws.

Participants in the scheme can convert foreign currency deposits to naira at the prevailing exchange rate without restrictions on withdrawals.

The scheme’s transparency measures, combined with the flexibility for participants to manage their foreign deposits, are designed to build confidence and encourage wider participation.


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E-Financial

9PSB Promotes Financial Literacy @ World’s Savings Day 2024

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9 Payment Service Bank (9PSB), a leading digital payment service provider committed to advancing financial inclusion in Nigeria, observed World Savings Day 2024 by conducting a financial literacy and mentorship programme for students at Fountain Heights Secondary School in Surulere, Lagos.

This initiative aligns with the Central Bank of Nigeria’s (CBN) directive for all financial institutions to implement financial literacy programmes aimed at students, youth, and the public. The goal is to instill a culture of financial discipline, savings, and prudent money management practices among Nigerians.

At the event, Tolani Jemi-Alade, Chief of Business Planning, Operations, and Resources at 9PSB, addressed the students, underscoring the importance of cultivating positive financial habits, particularly considering economic uncertainties. She stressed the need for young individuals to integrate into the formal financial system, stating,

“We encourage every young person with a regular income to open a bank account as an essential step towards financial independence and savings for future needs. Money is necessary for day-to-day transactions and to manage unforeseen circumstances. Early planning is crucial, as these needs are inevitable.”

Tolani further highlighted the significance of World Savings Day, as championed by CBN, which aims to raise awareness of financial literacy and promote a culture of saving, particularly among students and youth. She emphasized the importance of understanding and leveraging formal financial services for long-term financial security.

Oladimeji Saka, Lead for Retail Banking and Customer Acquisition at 9PSB, echoed these sentiments, noting that financial literacy should begin at an early age. He advised that parents play an instrumental role in guiding their children through transitional stages to adulthood, equipping them with the necessary financial knowledge to manage their finances responsibly.

In his remarks, the Vice Principal Academics, Mr. Romanus Emegwakor, who represented the Principal of Fountain Heights Secondary School, expressed his gratitude to 9PSB for their commitment to empowering students with financial knowledge.

“We are extremely appreciative of 9PSB for this invaluable financial literacy programme. It is crucial for our students to understand the significance of financial discipline, and we believe this initiative will help them develop the necessary skills to make informed financial decisions in the future,” he said.

World Savings Day is an annual global campaign dedicated to educating individuals, particularly the youth, on the importance of prudent financial planning and saving through formal banking systems.


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