Understanding Standard Life Rwanda OTP Codes and How its Work

Standard Life Rwanda PLC is a digital lending microfinance institution that offers loan solutions to clients. We provide a simple and convenient process for clients to apply for loans and receive funds in their accounts, whether it be a mobile money account or a bank account. Since the entire process is conducted online, we prioritize our clients' security by implementing various authentication measures, including login passwords, Transactional PINs, and OTP code verification. 
 

What is OTP ?

An OTP (One-Time Password) code is a unique, temporary code that is used to authenticate a user or a transaction. It is usually sent to the user's mobile phone or email address and is valid for a short period of time or for a single transaction/session. The primary purpose of an OTP is to add an additional layer of security, making it harder for unauthorized users to gain access to a system or complete a transaction, even if they have the user's password. 

How it's work ? 
 

• When a user requests to log in on a new device or perform sensitive activities on their account, the system generates a random OTP. This is a sequence of 6 digits sent to the user via SMS or email, ensuring that the code is received on their device.  
• The user enters the OTP into the prompted form as part of the authentication process. The system then checks the entered OTP against the one it generated and sent. If the OTP matches and is still valid (i.e., within the time limit and not previously used), the system grants access or allows the transaction to proceed. 
•  After use or after a set period (usually a few minutes), the OTP expires and can no longer be used. This limits the window in which an attacker could misuse the OTP.

If you need more support or clarification about our services, don't hesitate to contact us at our support number: +250788195000 / +250794426634.