1, 2018: 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, MTN Nigeria CEO, Ferdi
Moolman, represented by the General Manager, Mobile Financial Services, MTN, Mr
Usoro Usoro, 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.
Director and Chief Executive Officer, NIBSS, Mr. Adebisi Shonubi 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
“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.
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
information on mCASH, kindly visit www.mCASH.com.ng.