MTN Nigeria has launched MTN Token, a mobile identity authentication service for the Nigerian market
MTN Token is a SIM-based authentication service that enables immediate and secure verification of subscribers’ digital identity and transactions via their mobile devices.
The token was conceptualised to meet the needs of customers who want a fool-proof validation/authentication platform for performing services such as cashless payment on e-commerce websites, financial transactions on e-banking portals, cardless transactions on ATM terminals, customer digital identity on websites hosting confidential information like insurance, pension and taxation web portals and staff identity on workforce mobile service.
While introducing the service, Aisha Umar-Mumuni, general manager for products and innovation at MTN Nigeria, said, “MTN Token provides the highest level of security authentication available because it does not transmit the user’s authentication details on the Internet. MTN Token will drastically reduce the high rate of electronic fraud cases which had cost the Nigerian economy more than US$200mn in 2014.”
Umar-Mumuni explained that with the token, users’ safety was always guaranteed because their passwords were not exposed anywhere online and only the user or identity owner knows the password and that the password was saved only in the users’ SIM. She added that “users will not be exposed in the event of fraudulent SIM swaps as the MTN Token service will be automatically deactivated whenever a SIM swap is done on the user’s MTN Token SIM.”
The service also provides a single password for all different service providers. So, users of MTN Token will require only one password for their various online requirements.