A One-Time Password (OTP) is a unique, time-sensitive code sent to a user, usually via SMS or email, to verify their identity during sensitive actions such as logging in, authorizing transactions, or resetting a password.
OTPs add an extra layer of security by ensuring that only the rightful user can complete an action, even if their login details have been compromised. For lenders, OTPs are crucial for protecting borrower accounts and preventing unauthorized access or fraudulent activities.
OTP sent via SMS typically carry “Lendsqr” as the Sender ID. The option to change the Sender ID is only available to Enterprise lenders only.
Click here to learn more about resolving OTP issues
Also read: How Open Banking will transform Credit in Nigeria