NIBSS, banks and telcos team up to launch mCash mobile payment solution

Known as mCash, the new mobile money solution will 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, by extending e-payment benefits to payers and merchants at the bottom of the pyramid where usage of cash has been predominant.

The mCash utilises Unstructured Supplementary Service Data, USSD code in payment processing. Merchants can deploy mCash as a payment channel by registering with their banks, who will issue them an 8-digit seller code which buyers or payers need to use while making payments to them.

A customer who wants to make payments through mCash, has to dial the universal code, *402*SellerCode*Amount#. Upon dialling the code, the name of the seller will appear and a list of banks a customer wishes to make payments from. The user can then select a bank and input passcode to authenticate and complete the transaction. Upon completion of the transaction, both the buyer and the seller will receive flash confirmation of debit and credit messages instantly. However, only mobile numbers linked to a user’s BVN are allowed for mCash transactions.

Although all the banks have signed up to integrate into the solution, at the moment, only six banks have been brought on-board and are active. These include: Diamond bank, Fidelity bank, Unity bank, Zenith bank, Sterling bank and Wema bank. First City Monument Bank, FCMB and Union Bank are expected to go live before the end of next week.