MTN Unveils Initiative To Validate Transactions

One of the Leading ICT Company in Nigeria, MTN, has launched a mobile token, a mobile identity initiative into 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, which was launched at the just concluded Tech+ Conference and Exhibition held in Lagos recently, was conceptualised to meet the needs of customers who want a fool-proof validation/authentication platform for performing services that include: cash-less payment on e-commerce websites, financial transactions on e-banking portals, card-less 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, General Manager, Products & Innovation, MTN Nigeria, Aisha Umar-Mumuni, 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 that cost the Nigerian economy over 40 Billion Naira in 2014.”

Aisha explained that with the token, the user’s safety is always guaranteed because their password is not exposed anywhere online and only the user or identity owner knows the password.

She noted: “Even service providers (Banks, e-Commerce, MTN amongst others), would not have access to the password as it is stored only in the SIM. The service also provides the convenience of having a Single Sign-On (password) for all different service providers. This means that users of MTN Token will be required only one password for their various online requirements.”

According to her, “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.”

MTN said the launch of the token was in line with the company’s vision to lead the delivery of a bold new digital world to Nigerians, explaining that the service was part of efforts to bring the vision to reality and would be a better way as it provides a foolproof identity authentication platform that Nigerians can trust when performing electronic transactions.

Source : Independent

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