The future of the mCash, a product of the Nigeria Inter-Bank Settlement System (NIBSS) is seen to be driven by expected significant adoption by other financial institutions (OFIs).
Other financial institutions include microfinance banks (MFBs), Finance Companies (FCs), Primary Mortgage Banks (PMBs) and Development Finance Institutions (DFIs).
mCash is a micro-payment platform or an innovative solution designed by NIBSS in collaboration with Deposit Money Bank (DMBs) and the Telcos, to facilitate low-value retail payments in the country.
Launched two years ago, mCash is designed to drive payments by providing accessible electronic channels to a wider range of users and to further grow financial inclusion.
Speaking in Lagos at the re-launch of mCash, Ade Shonubi, managing director/CEO, NIBSS said, the mCash is the first payment platform that has insurance up to N50,000.
“If you use mCash and there is a fraud, up to N50,000 is fully insured and you will get your money back because BVN is at the back, we can always do investigation and find out where the money went unlike any other products”, he said.
Shonubi said the product uses a common USSD that cut across all banks. “Someone who has many bank accounts do not have to start remembering the code for each of the banks”.