Banks, telcos back Nigeria’s mCash solution

August 6, 2018 4:43 am0 comments
Usoro Usoro, MTN Nigeria General Manager, Mobile Financial Services

Usoro Usoro, MTN Nigeria General Manager, Mobile Financial Services

from OKORO CHINEDU in Lagos, Nigeria
LAGOS – SOME telecommunications companies and banks have backed the Nigeria Interbank Settlement Systems Ltd (NIBSS) mCash solution.

First launched in 2016, 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 the West African country.

The solution has been re-launched in the commercial Lagos State.

Among firms backing the initiative include MTN Nigeria, which is the country’s biggest mobile network operator, and Diamond Bank.

Ferdi Moolman, MTN Nigeria Chief Executive Officer, who was represented at the event, highlighted the importance of the participation of telecommunications companies in the growth of mCash.

Usoro Usoro, MTN Nigeria General Manager, Mobile Financial Services, represented Moolman.

Caroline Anyanwu, Deputy Managing Director/Chief Risk Officer at Diamond Bank, said finance houses should come together to build a cashless future for Nigeria, Africa’s biggest economy by gross domestic product (GDP).

Christabel Onyejekwe, Executive Director: Technology and Operations at NIBSS, said, “The best is yet to come and the journey to a truly cashless society has begun in earnest.”

NIBSS was incorporated in 1993 and is owned by all licensed banks including the Central Bank of Nigeria (CBN). It commenced operations in 1994.

It provides the infrastructure for automated processing, settlement of payments and fund transfer instructions between Banks, Discount Houses and Card Companies in Nigeria.
– CAJ News

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