MTN Nigeria has given more insights as to why it believed that the new cashless initiative, MicroCash (mCASH), launched recently by the Nigeria Inter-Bank Settlement System Plc (NIBSS) will fly higher in Nigeria.
MTN is currently the highest driver of cashless economy in Ghana with a similar product I n that economy and has deepened the basket of financial inclusion there.
Here in Nigeria, mCASH is a mobile payment system for making low-value retail payments, and is designed to extend e-payment options to low income buyers and sellers who typically deal in cash.
The new mCASH is the latest initiative by NIBSS in partnership with all Nigerian Financial Institutions and the four major telecom networks (MTN, Airtel, Etisalat and Globacom).
mCASH will leverage the NIBSS Instant Payment Infrastructure (NIP) for immediate fund delivery to merchants’ accounts and is based on USSD technology. Users can use mCASH by simply dialling *402*Seller’s code*Amount# to pay accepting merchants.
Explaining how it works at the launch of the new solution in Lagos, General Manager, Mobile Financial Services, MTN Nigeria, Usoro Usoro, described the initiative as a welcome development that would make payment for goods and services easy and convenient for virtually everyone.
He said “This intervention is commendable, and it is something we have long anticipated, a payment solution like this will no doubt drive inclusion in the new digital world,” he said.
On why MTN is committed to the programme, Usoro said “In this age of technological advancement, we have seen a stronger connection between our mobile phones and our bank accounts. At MTN Nigeria, we believe in this new initiative and its ability to enable seamless transactions. The competition is cash and we believe that cash is overripe for disruption, an initiative like mCASH will certainly help us embrace a cashless economy where cash is efficiently disrupted”.
Managing Director and Chief Executive Officer, NIBSS, 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 owners.
