The Central Bank of Nigeria (CBN), the Nigeria Inter-Bank Settlement System (NIBSS) have driven a new partnership with several banks and four GSM operators to unveil, mCash.
The platform is an emerging e-Payment channel designed to enhance retail payments.
The Partners announced this in Lagos at a media briefing session attended by the NIBSS management and representatives of the various partner organisations.
In his address, Ade Shonubi, Managing Director and Chief Executive Officer of NIBSS, revealed that the product became necessary in view of the dream to make a reality the financial inclusion vision 2020 which seeks to achieve 80% uptake among Nigerians.
He said “mCash is an innovative solution designed to facilitate low-value retail payments, providing accessible electronic channels to a wider range of users and to further grow financial inclusion in Nigeria, by extending electronic payment services to Payers and Merchants at the bottom of the pyramid.”
A partner in the new deal, Etisalat Nigeria, commended NIBSS and the partners for the product which observers say is a ‘new thinking in the right direction’ that will benefit all stakeholders and further propel the drive for financial inclusion.
Director, Digital Business at Etisalat, Adia Sowho said “The mCash payment solution is a commendable innovative solution that has further driven inclusion in the financial world and widened payment options to guarantee seamless ease of payment. Etisalat has been at the vanguard of this with such innovative products as EasyWallet and GTEasySavers, which is a product of the union with leading commercial bank, Guarantee Trust Bank Plc. We are glad at the opportunity to reach more people with more payment options”.
Joe Obogo, CBN’s Principal Manager, Payment System Policy and Oversight Office, who represented the Director, Banking and Payments System, said the apex bank would ‘not relent in its efforts to achieve full financial inclusion, but rather keep looking out for more innovative ways to do things better’
The mCash payment option is geared towards stimulating the achievement of the Federal Government’s financial inclusion goal by widening the scope for the inclusion of the hitherto unbanked population both in the rural and urban areas.
