Nigeria: NIBSS launches new mobile payment system

Nov 04, 2016

This initiative will ease payment system for low-income earners

The Nigeria Interbank Settlement System (NIBSS) in partnership with all financial institutions in Nigeria and telecoms network has launched a mobile payment system called microCash (mCash) yesterday. mCash which is designed to ease the payment for goods and services, will enable low-income buyers and sellers to make use of e-payment options nationwide, eliminating the use of PoS, ATM cards and data connection. Leveraging on its instant payment infrastructure and wide customer base of financial institutions and telecoms network in Nigeria, NIBSS' partnership with banks and telecoms will make mCash available to all buyers and sellers regardless of bank or telecoms network through USSD technology. Speaking at the launch, the Managing Director of NIBSS, Ade Shonubi described the initiative as a game-changer with the much sought-after collaboration among telecoms.