The idea of a totally cashless economy is becoming more of a reality, with a couple of payment platforms offering alternatives to using cash. But when it comes to low-cost items, most people still use cash. Well, there is an alternative.
Introducing mCash, an innovative payment solution designed to 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.
mCash is the brainchild of the Nigeria Interbank Settlement System (NIBSS) in partnership with all Nigerian financial institutions and the four major telecom network. mCash makes use of your bank verification number as a means for verification and is meant for both the business owner and the customer. Payments on mCash are made with bank account numbers and not ATM Cards.
To access this service as a business owner, register for mCash with your financial institution after which you will be issued an 8-digit seller code. This code should be pasted in the clear view of payers. For customers, simply dial *402*SellerCode*Amount#. The screen will display the name of the seller and a list of your banks, select your bank and 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. Please note that mCash transactions will only work on the mobile number linked to your BVN.
mCash doesn’t require internet access to work and can be used on all mobile phones.