NIBSS, Banks, Telcos Relaunch mCash in Lagos

By Olubori Oduntan

On Tuesday, July 31, 2017, the Nigeria Interbank Settlement Systems Ltd (NIBSS) relaunched the mCash platform, which allows easy mobile money transfer for customers to pay for services and products directly to the account of the merchant using a mobile device.

The launch took place at the Eko Convention Centre, Eko Hotel and Suites, Victoria Island with the support of banks and telecommunications companies operating in Nigeria.

Speaking at ceremony, the chief executive of NIBSS, Mr Adebisi Shonubi, explained that the cashless service was created to make it easier to replace the use of physical cash in Nigeria.

On his part, the General Manager, Mobile Financial Services, MTN Nigeria, who represented the CEO, Ferdi Moolman, gave an engaging keynote address on the participation of telecommunications companies in the growth of mCash.

Caroline Anyanwu, Deputy Managing Director/Chief Risk Officer, Diamond Bank, took the stage to share how the banking industry came together to build a cashless future with mCash with various merchants were at the event to share their mCash stories and it was success all round!

Mrs Christabel Onyejekwe, ED, Technology & Operations, NIBSS closed the event and stated that the best was yet to come and the journey to a truly cashless society had begun in earnest.

mCASH is an innovative solution created to facilitate low-value retail payments and grow e-payments by providing accessible electronic channels to a wider range of users to enhance financial inclusion in Nigeria.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

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