Lagos, Nigeria. MTN Nigeria has launched MTN Token, a Mobile ID initiative being promoted by GSMA. The new product is a SIM-based authentication service that enables immediate and secure verification of subscribers’ digital identity and transactions via their mobile devices.
MTN Token, which was launched at the just concluded Tech+ Conference and Exhibition powered by the telecom company will 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, Director of Content (ACTV), the General Manager, Products & Innovation, MTN Nigeria, 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.”
General Manager further explained that with MTN 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. 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”. The launch of MTN Token is said to be in line with the company’s vision to lead the delivery of a bold new digital world to Nigerians.