Simplice-Banjoko: Gomoney Customers can Enhance Their Account Security Using Biometric, Two-factor Authentication

In this interview, Head of Banking Operations, Gomoney, Oluwafeyiyemi Simplice-Banjoko speaks on how Gomoney customers can enhance their account security by using biometric authentication or two-factor authentication (2FA) in the app and how the company tackle the challenges of technology interruptions by investing in a resilient infrastructure that minimizes downtime. Excerpts

What makes gomoney expense tracking and insights stand out and what are the challenges that come with it?

Gomoney’s expense tracking and insight features stand out because of its innovative design, user-centric features, and ability to enable customers to manage their finances well. This feature also provides customers with useful information about their spending habits and helps them understand their patterns for better budgeting. There have not been any challenges with this feature so far; however, like with any feature, some customers may not use it because they do not fully understand how it works or the financial insights it provides. Gomoney is committed to making sure the expense tracking feature remains a valuable tool for customers to manage their finances effectively.

How can your customers use biometric authentication or two-factor authentication (2FA) in the app?

Customers can enhance their account security by using biometric authentication or two-factor authentication (2FA) in the app. Biometric authentication, which the user sets up, allows users to access the app using facial recognition or a fingerprint quickly.For two-factor authentication (2FA), customers will receive a one-time passcode (OTP) via SMS or email, which must be entered and their password for sign-in. Without this second layer of authentication, their account cannot be accessed. These security features provide an added level of protection for our customer’s personal and financial information.

How does gomoney handle SIM swap fraud, and are there additional verification steps for high-value transactions?

Gomoney treats SIM swap fraud with utmost importance and has extra verification steps during sign-in, which requires a passcode or biometrics. For high-value transactions, Gomoney incorporates the use of a Personal Identification Number (PIN), which helps reduce the risk of unauthorized access. These measures minimize the chances of fraud.

On the Fraud Awareness Week, what does the management stand to pass across to its customers?

During this Fraud Awareness Week, our goal is to sensitize customers on the importance of identifying and preventing fraud. We aim to raise awareness about different fraud schemes and educate customers on how to protect themselves from fraud risks. This includes informing customers not to compromise their PIN or password, ensuring their card details are used only on secured sites, and taking proactive steps to safeguard their accounts and financial information.

Digital fraud in Nigeria has become increasingly prevalent due to the rapid adoption of digital banking, online transactions, and mobile technology. What message do you have for new and existing customers on the safety of their hard-earned money?

With the rapid adoption of digital banking, online transactions, and mobile technology in Nigeria, raising awareness about the risks of digital fraud and the importance of implementing effective mitigation measures has become very important. To our new and existing customers, we are committed to providing the highest level of security through our app with strong security measures like two-factor authentication (2FA), biometric verification, and our ongoing transaction monitoring to detect suspicious activities. I also urge customers to stay vigilant and never to compromise their credentials (PIN or Password). Additionally, with the increase in scams, customers should always conduct thorough due diligence before making any payments and be cautious of financial offers that seem too good to be true.

Gomoney has incorporated gamification elements through the goPlay Cards to help users learn about personal finance in an engaging way. Kindly explain what this does to your customers in terms of managing expenses and savings?

In order for our customers to properly manage their finances, they need to first understand their finances; their spending habits and money goals. The goPlay cards which is a gamification element of gomoney is a deck of cards made up of 100 questions, prompts, did you know’s and discussions created to enable our customers have more insight into their personal finance to help them make informed decisions towards their everyday expenses and targeted savings. It also makes financial conversations across all relationships fun & easy to have. These cards can be purchased on the gomoney app and are straight to the users preferred address.

Technology interruption has been a major challenge affecting the digital banking space in Nigeria. What are how you are tackling these challenges?

At gomoney, we tackle the challenges of technology interruptions by investing in a resilient infrastructure that minimizes downtime. We regularly conduct system upgrades and failover tests to identify and resolve potential issues before they impact our  operations. In addition, we maintain a comprehensive disaster recovery plan to ensure swift recovery of our operations in the event of a disruption.We also collaborate with regulators and industry partners to stay informed on industry updates and ensure we are prepared for any changes that could affect the digital banking landscape.

Our customer success team is dedicated to providing timely responses to customers who contact us with inquiries or complaints through our customer support channels. These efforts are to ensure our customers receive the most efficient and secure banking experience for our customers.

What inspired the creation of gomoney and how has the vision of the company evolved since its inception?

The inspiration behind gomoney’s was the desire to redefine traditional banking by delivering a modern, seamless experience tailored to the needs of digital natives. The goal was to go beyond standard banking services by integrating innovative personal financial solutions that empower users to transact and manage their money with ease and transparency.

Consumer protection and loss of trust in digital banking are two major issues plaguing digital banking in Nigeria, on the issue of trust, how would you convince a prospect to choose Gomoney over other big players in the digital banking space?

Transparency and a user-friendly mobile app are the core of our operations. Our mobile app provides clear insights into customers’ transaction and spending patterns, with no hidden charges. Our customer success team is highly responsive, addressing inquiries promptly through our support channels and social media platforms. Our mobile app has enhanced security features like two-factor authentication(2FA) and biometric features for sign-in. Beyond being a digital bank, we focus on financial management with features like split bills and other innovative solutions that will be launched soon. We are committed to building trust through transparency, fostering innovation, and delivering exceptional service.

Cyber fraud is often associated with digital banking, what plans does Gomoney have in changing this narrative?

gomoney is redefining the narrative about cyber fraud being associated with digital banking by implementing thorough KYC (Know Your Customer) processes for all customers during onboarding. We also use secure authentication including biometric verification and multi-factor authentication, to provide enhanced security on our customer’s accounts. Customer’s sensitive data are hashed. We conduct regular account monitoring and reviews to maintain the integrity of our systems. Additionally, we sensitize customers on fraud prevention. By collaborating with financial industry partners, we ensure alignment with best practices to combat fraud and cyberattacks.

Credit risk is a major concern with digital banking in Nigeria, how do you guide against this trend?

Currently, gomoney does not offer credit facilities to customers. However, as part of our plans in progress, we would launch a credit product in partnership with SnapCash. Through this collaboration, we are able to extend credit facilities to our customers.

The requirements for all credit facilities will be determined by SnapCash, and Gomoney will adopt these criteria. This partnership allows us to leverage on an established loan product with systems and control while providing our customers access to credit facilities and minimizing risk.

What advice will you give to the  Minister of Communications, Innovation and Digital Economy on how to move the sector  forward?

Additionally, providing incentives and funding for startups in the technology and innovation sectors will encourage creativity amongst the youth and support small businesses, driving economic growth. Integrating sustainable practices into digital initiatives is critical to protecting the environment while fostering development. For example, The National Broadband Plan (NBP) 2020–2025, aimed for effective data coverage to at least 90% of the population by 2025 and ensure affordable internet access across Nigeria. Through these initiatives, the Minister can help build a robust ecosystem that promotes inclusive and sustainable development in the digital economy.My recommendation to the Minister of Communications, Innovation, and Digital Economy is to priortize the expansion of digital infrastructure, focusing on the deployment of fiber-optic networks and 5G technology, to enhance connectivity across the nation. Promoting digital inclusion is equally essential by ensuring that underserved communities gain access to affordable internet services and digital tools, creating equal opportunities for all.

Consumer data protection has been a topic for some time now,and digital banks have been accused of the breach in Consumer data rights, what measure does Gomoney take to protect privacy of its users’ data.

At gomoney, we proactively address the risks associated with data breaches by implementing robust risk management techniques and adhering to industry best practices. Key measures we employ include:

• Access to our systems and network is strictly limited to authorized staff with specific role-based needs. This approach minimizes the risk of unauthorized access or data misuse.
• Sensitive customer data is hashed ensuring robust security of customers’ data.
• We periodically conduct risk assessments to identify vulnerabilities and take proactive steps to mitigate potential threats.
• We have a comprehensive incident response plan where incidents are documented to, reduce risks, with prompt action taken as applicable.
• Our team members are regularly trained on data protection and cybersecurity best practices to ensure they are equipped to handle sensitive information responsibly.

 Infrastructure is key to a seamless digital banking operation, how do you hope to navigate this challenge?

We recognize that infrastructure is key to seamless digital banking operations, and we navigate this by partnering with reliable and leading technology vendors. Our engineering team is dedicated to monitoring and optimizing system performance, ensuring that our infrastructure remains efficient and robust.

The digital banking ecosystem is still plagued by fraud. What is gomoney doing to help stem the tide?

Our dedicated fraud desk team continuously monitors suspicious transaction patterns and activities, enabling quick identification and mitigation of any fraudulent pattern.

We collaborate with reputable financial institutions to strengthen our fraud prevention measures. These collaborations help us align with industry best practices and stay proactive against evolving fraud trends. Sensitive customer data is securely hashed, and we have a comprehensive incident response plan where incidents are documented to, reduce risks, with prompt action taken as applicable.

What security features does gomoney have in place that make it stand out from the crowd?

Our mobile app has key security features, some of these features are:

• Requiring customers to provide their current passcode or transaction PIN before initiating any changes.
• Integrating biometric verification into the password and transaction PIN reset process.
• Sending instant email notifications to customers for successful sign-ins.
• Notifying customers via email for a new device sign-in.
• Sending prompt email alerts for successful resets of personal identification details.
• Implementing two-factor authentication (2FA) for signing in on new devices.