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mCash designed to drive financial inclusion of the CBN – Glo

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Telecoms giant, Globacom, has described the new value payment solution, mCash, recently launched by the Nigerian Inter-Bank Settlement System (NIBSS) a sure bet in deepening financial inclusion and cashlite revolution.

The scheme was launched by NIBSS in collaboration with financial institutions and telecoms operators in the country.

Globacom while assessing the platform said the innovation is aimed at making e-payment easily accessible to peasants, petty-traders, Micro, Small and Medium Enterprises and other low income earners who carry out their transactions in cash through the services of telecoms operators.

The company said that its advanced network is well positioned to accommodate the new payment system.

Globacom’s Head, Mobile Money Financial Business, Esaie Diei praised the initiative and commended the NIBSS for a solution that is geared towards the cashless policy and financial inclusion drive of the Central Bank of Nigeria (CBN).

Diei underscored Globacom’s efforts at helping to realize the Federal Government’s initiatives, especially the company’s drive at financial inclusion of the unbanked masses through its mobile banking technology.

According to him, “This is why we invested in a dynamic and secured USSD Gateway for financial services to which mCash is connected.

“Glo Subscribers are, therefore, assured of a very efficient and robust system on the network.”

Diei revealed that Globacom would do everything to support the convenience and ease of making payment, especially with the mCash policy, and is proud to be associated with it.

While unveiling the mCash solution, Adebisi Shonubi, the Chief Executive Officer of NIBSS, explained that the scheme was developed to make digital payment available to a large number of people who transact their businesses with raw cash every day.

Shonubi described mCash as the most convenient and cost effective solution to address low value payment nationwide because it leverages the networks of telecom operators, which already have nationwide coverage.

Shonubi said that mCash credits the merchant instantly as against the current payment system, which allows 24 hours’ settlement.

Joe Obogo, the Principal Manager, Banking and Payment Systems Department of the CBN, who represented the Director, Banking and Payment System, extolled NIBSS for such a solution to delayed payments and for making it available to all.


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