Nigerian telecommunication giant, MTN alongside its competitors this week, came together for the re-launch of Nigeria Inter-Bank Settlement Systems (NIBSS’) mCASH.
Other financial institutions (OFIs), who are part of the partnership deal include -include Microfinance Banks (MFBs), Finance Companies (FCs), Primary Mortgage Banks (PMBs) and Development Finance Institutions (DFIs).
mCASH is an innovative solution that was designed to facilitate low-value retail payments, grow e-payments by providing accessible electronic channels to a wider range of users and to further enhance financial inclusion in Nigeria. This solution also extends e-payment benefits to payers and merchants at the bottom of the pyramid where usage of cash has been predominant.
Established about two years ago, mCash, a micro-payment platform by the NIBSS functions in collaboration with Deposit Money Bank (DMBs) and the Telcos.
It is designed to drive payments by providing accessible electronic channels to a wider range of users and to further grow financial inclusion.
MTN Nigeria Chief Executive Officer, CEO, Ferdi Moolman, represented by the General Manager, Mobile Financial Services, MTN, Usoro Usoro, said at the re-launch of the platform in Lagos, the initiative was borne out of team work that aims for a common goal which is to serve.
“It’s incredible how much the world has changed and continues to evolve with new ideas and technologies. Today, Africa is increasingly embracing new ways of payment for retail consumption and transactions.” Moolman was quoted.
In April, 2018, Diamond Bank Plc entered partnership with MTN, Visa, Microsoft, NIBSS, Deloitte and Touche, Interswitch and Beat FM to unveil to Tech Fest.
The annual science and technology festival, which held on Tuesday, 15 and Wednesday, 16 May 2018 respectively, featured the best talent in the Nigerian technology space – one of the country’s fastest growing sectors. The event will displayed technological solutions for businesses, connect technology providers with new markets, provide access-to-market opportunities for tech start-ups amongst others.