MTN Nigeria along with sixteen banks and all major mobile telcos, came together for the Nigeria Inter-Bank Settlement Systems’ relaunch of mCASH this week.
The event held at The Orchids, Eko Convention Centre, Eko Hotel & Suites, Victoria Island, Lagos on Tuesday, July 31
MCASH, is a mobile payment system for making low-value retail payments designed to extend e-payment options to low-income buyers and sellers who deal in cash. The cashless initiative was first launched in 2016.
Speaking at the re-launch of the platform in Lagos, Ferdi Moolman, CEO, MTN Nigeria represented by the Mr Usoro Usoro, General Manager, Mobile Financial Services, MTN described the initiative as the outcome of what can be achieved when organisations work together for a common goal, to serve.
“It’s incredible how much the world has changed and continues to evolve with new ideas and technologies.
“Today, Africa is increasingly embracing new ways of payment for retail consumption and transactions.
“For those of us in the telecoms industry, this presented us with the question; how do we fully utilise all available options to provide standardised and efficient mobile cashless services for micro-payment and collections? The answer? Ladies and gentlemen is MCASH,” he said.
Mr. Adebisi Shonubi, Managing Director and Chief Executive Officer, NIBSS, said that the MCASH initiative was borne out of the need to enhance financial inclusion in Nigeria by extending e-payment benefits to payers and merchants who operate at the local levels especially the small and medium scale business owners.
“The intention is to expand the payment opportunity for people who still use cash today to find a more convenient means of making payments.
“To ensure the paradigm shift, we had to promote an ecosystem partnership consisting of banks and telecomunnication companies thereby birthing what has become a novel collaboration anywhere in the world – a service that is not one bank or one telco driven but which is ecosystem driven,” Shonubi said.
This USSD-based service delivers funds to merchants’ accounts based on USSD technology.
You can use mCASH by simply dialling *402*Seller’s code*Amount# to pay accepting merchants.