How to generate and get Access Bank Token

Access Bank Token serves as a security device that provides an extra layer of protection for its customers during online banking transactions. This device generates a unique and time-sensitive code that is required to complete certain transactions, making it extremely difficult for hackers and fraudsters to gain unauthorized access to a customer’s account.

The use of a token greatly enhances the security of online banking and gives customers peace of mind knowing that their financial information is being protected.

The use of Token significantly reduces the risk of online fraud and identity theft. With cybercrime on the rise, it is more important than ever for individuals to take proactive steps to protect their account. The token ensures that even if a hacker were to somehow obtain a customer’s login credentials, they would still be unable to access the account without the unique code generated by the token.

This added layer of security gives customers greater confidence in conducting financial transactions online, knowing that their personal and financial information is being safeguarded.

Read; How to register for Access bank internet banking and mobile App

Table of Contents

Why are Access bank tokens important?

Access Bank tokens are important for a number of reasons:

Enhanced Security: They provide an extra layer of protection beyond your username and password, making it significantly more difficult for unauthorized individuals to access your account or initiate transactions. Even if someone manages to obtain your login credentials, they would still need the OTP generated by the token to complete any transaction.
Fraud Prevention: They help mitigate the risk of phishing attacks, where fraudsters try to trick you into revealing your login details. Since the OTP is required for transactions, simply having your username and password is not enough for them to access your funds.
Regulatory Compliance: The Central Bank of Nigeria (CBN) mandates the use of two-factor authentication for online banking transactions exceeding certain limits. Access Bank tokens help you comply with these regulations, ensuring the safety of your funds.
Peace of Mind: Knowing that your online transactions are protected by an additional layer of security provides peace of mind and confidence in using Access Bank’s digital platforms.
Enable High-Value Transactions: For certain high-value transactions or sensitive operations, the token may be required for additional authorization.

How do I set up an Access Bank token

You can find the Access Bank token form on their official website or directly download it using this link:

Key things to note about the form:

Customer Information: You’ll need to provide your full name, account number, mobile number, and customer location.
Token Type: Indicate whether you want a hardware or software token.
Pickup Branch (if applicable): Specify the branch where you’d like to collect your hardware token.
Signatures: The form requires your signature and the signatures of bank officials for processing.

- Hardware Token: Submit the filled form along with a valid ID to your preferred branch.
- Soft Token: If you’re requesting a soft token, you can usually do so directly by download and install the “Entrust OTP,” available on Google and Apple stores for Android and IOS operating systems.

Also read: How to transfer money from Access bank -Easy Steps

Are there any fees associated with using an Access Bank token?

Yes, there are fees associated with acquiring and using an Access Bank token:

Cost of the Token:
- Hardware Token: ₦2,500 (one-time cost)
- Soft Token: ₦1,500 (one-time cost)
Transaction Fees:
- While there is no direct charge for using the token itself to authenticate transactions, some transactions may still incur their regular fees, such as:
  - NIP Transfers:
    - ₦10.50 (VAT inclusive) for transfers up to ₦5,000
    - ₦26.25 (VAT inclusive) for transfers between ₦5,001 and ₦50,000
    - ₦52.50 (VAT inclusive) for transfers above ₦50,000
  - Bill Payments: ₦100 + 7.5% VAT

Pay attention: How to Block Access Bank Account/ATM Card

Can I use my Access Bank token for multiple accounts?

Yes, you can use your Access Bank token for multiple accounts.

Whether you have a hardware token or a soft token, it’s linked to your customer ID rather than a specific account. This means that once you activate the token, it can be used to authenticate transactions across all your eligible Access Bank accounts, including:

Savings accounts
Current accounts
Domiciliary accounts

This simplifies the process, as you don’t need separate tokens for each account. You can conveniently manage all your accounts and perform transactions using the same token.

Read: Access bank mobile banking; How to activate Mobile App

Is it safe to use an Access Bank token for transactions?

Yes, it is generally considered safe to use an Access Bank token for transactions. The token adds an extra layer of security to your online and mobile banking activities, significantly reducing the risk of unauthorized access and fraudulent transactions.

How Tokens Enhance Security:

Two-Factor Authentication: Tokens provide two-factor authentication, meaning that in addition to your username and password, you need a unique One-Time Password (OTP) generated by the token to complete a transaction. This makes it much harder for hackers to gain access to your account, even if they manage to steal your login credentials.
Protection Against Phishing: Phishing scams often try to trick you into revealing your login details. However, even if a scammer obtains your username and password, they won’t be able to complete any transactions without the OTP from your token.
Dynamic OTPs: The OTPs generated by the token are dynamic and change frequently, making them difficult to predict or intercept.

How long does it take to receive an Access Bank token after applying for one?

The time it takes to receive an Access Bank token after applying varies depending on the type of token and the specific circumstances.

Soft Token:
- The activation process for a soft token is typically faster.
- Once you request it through the AccessMore app or internet banking, you should receive an activation code or link via SMS or email almost instantly.
- You can then activate the token within the app and start using it immediately.
Hardware Token:
- The process for obtaining a hardware token usually takes longer.
- After submitting the application form at a branch, it can take anywhere from a few days to a couple of weeks for the token to be ready for pickup.
- The bank will notify you once the token is available, and you’ll need to visit the branch again to collect and activate it.

You may also read: How to Check Access bank Account Balance

How to use Access Bank Token for Transaction

Here’s how to use an Access Bank token for transactions, depending on whether you have a hardware token or a soft token:

1. Using a Hardware Token

Initiate Transaction: Log into your Access Bank internet banking account or mobile app and initiate the transaction you want to perform (e.g., transfer, bill payment).
You’ll reach a point where you’re asked to enter an OTP (One-Time Password) to authorize the transaction..
Quickly enter this 6-digit code into the OTP field on your computer or mobile app before it expires (usually within 30 seconds).
Once the OTP is validated, the transaction will be processed.

2. Using a Soft Token

Initiate Transaction: Similar to the hardware token, log in to your Access Bank mobile app and start the transaction.
You’ll be asked to enter an OTP to authorize the transaction.
Within the app, navigate to the “Soft Token” or “Token” section.
V The app will display a 6-digit OTP that changes every few seconds.
Enter this OTP into the transaction authorization field before it expires.
The transaction will be processed once the OTP is validated.

Bottom Line

The Access Bank Token is a valuable tool for customers who want to enhance the security of their online banking transactions. By providing a unique, one-time code for each transaction, the device helps to protect customers’ sensitive information and guard against unauthorized tranaction.

The ease of use and versatility of the token make it a convenient and effective tool for customers who want to ensure the security of their online transactions. With cybercrime on the rise, the Access Bank Token provides customers with the peace of mind knowing that their account is protected at all times.

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Meet Ogbeide Frank, also known as Perere, a blogger passionate about writing on finance and technology. He studied Business Administration at Ambrose Alli University in Ekpoma and Mobile Communication at Orange College in Malaysia. Frank has experience working as a banker and consultant for various agencies in Nigeria.