Stories by Okoronkwo Chuks
One of the leading telecommunication companies in Nigeria, Globacom, has expressed willingness to support government’s new electronic payment initiative, mCash, assuring that it would use its advanced nationwide network to back the project.
The Nigerian Inter-Bank Settlement System (NIBSS) in partnership with banks and telecommunication companies recently launched the low value payment solution which is expected to utilize the telecommunication networks to introduce e-Payment system to Micro, Small and Medium Enterprises (MSMEs) as well as low income earners who do their business transactions mostly in cash.
Congratulating NIBSS and other Stakeholders for launching the new solution, Mr. Esaie Diei, Globacom’s Head of Mobile Money Financial Business, said it would help fast-track the Central Bank of Nigeria (CBN)’s Cashless policy and financial inclusion strategy.
He stated that several CBN initiatives, including its efforts in using mobile phone technology to reach the unbanked and the masses had always been supported by Globacom, adding that, “This is why we invested in a dynamic and secure USSD Gateway for Financial services to which mCash is connected. Glo subscribers are, therefore, assured of a very efficient and robust service on the network”.
According to him, Globacom is proud to be associated with the launch of the mCash initiative as it would facilitate a hitch –free payment system. He added that Glo will assist the payment scheme to succeed.
Speaking while unveiling the mCash solution to the public, the Chief Executive Officer of NIBSS, Mr Adebisi Shonubi, said that the new scheme was designed to connect large segments of the population who transact businesses in cash to digital payment system, adding that mCash which utilizes nationwide networks of telecom operators offers the most convenient and cost effective solution to address low value payment.
He added that mCash is accessible via a Unified USSD Short Code and gives instant credit to the sellers and Merchants, a better option to the current payment system that takes up to 24 hours.
Also congratulating NIBSS on the new payment solution, the Principal Manager, Banking and Payment Systems Department of CBN, Mr. Joe Obogo, who represented the bank’s Director, Banking and Payment System Department, stated that the payment industry would achieve the best service through the collaboration of banks and telecom companies.