The Nigeria Inter-Bank Settlement Systems has re-launched its mCASH with MTN Nigeria, with sixteen banks and major mobile telecoms being a part of it.

mCASH is a mobile payment platform for making low-value retail payments designed to extend e-payment options to low-income buyers and sellers who deal in cash. The cashless initiative was first launched in 2016.

Speaking at the re-launch of the platform in Lagos, MTN Nigeria CEO, Ferdi Moolman, represented by the General Manager, Mobile Financial Services, MTN, Mr Usoro Usoro, described the initiative as the outcome of what can be achieved when organisations work together for a common goal - 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,” he said.

The Managing Director and Chief Executive Officer, Nigeria Inter-Bank Settlement System (NIBSS), Mr Adebisi Shonubi, said the mCASH initiative was borne out of the need to enhance financial inclusion in Nigeria by extending e-payment benefits to payers and merchants who operate at the local levels, especially the small and medium scale business owners.