Sunday, 6 November 2016

NIBSS Plc has just launched a mobile payment solution called mCash


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In a bid to make payments for goods & services easy and convenient for virtually everyone, the Nigeria Inter-Bank Settlement System (NIBSS) Plc, has announced the launch of a mobile payment solution known as mCash.
mCash (or microCash) works in a very simple manner. Merchants provide special sellers code which the consumers/buyers use to pay via USSD for goods and services.
Funds are transferred into merchants’ account almost immediately as mCash leverages the NIBSS Instant Payments infrastructure (NIP) for immediate fund delivery.
mCash works on both smart and dumb phones, and it doesn’t require Internet connection, neither does it require the use of debit/credit cards.
This is how mCash works for both merchants and customers.
1. As a Business Owner (Merchant or Seller)
  • Register for mCASH with your Financial Institution.
  • You will be issued an 8-digit Seller code.
  • Paste the communication material that contains the seller code at your Pay Point in the clear view of payers.
2. As a Payer (Customer or Buyer)
  • Simply dial *402*SellerCode*Amount#
  • The Screen will display
1. The Name of Seller
2. List of your Banks
  • Select your Bank.
  • Input your PIN/Passcode.
  • If you do not have a PIN/Passcode, you will be required to register for a PIN/Passcode.
  • You can also pay using your Bank’s USSD code as permitted by your financial institution.
mCash is the brainchild of NIBSS in collaboration with all financial institutions in Nigeria and the four telecom networks. You find out more information here.
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