Skye Bank mCash Merchant, Sulaiman Gidado, has emerged one of the top performing agents in the country.
The Nigeria Inter-bank Settlement System (NIBSS) disclosed this at the mCash re-launch on Tuesday in Lagos.
The re-launch of the payment solution was part of the renewed efforts to further drive financial inclusion in line with the Central Bank of Nigeria’s (CBN) mandate, NIBSS, in collaboration with Banks, financial regulators, leading Telecommunications companies and merchants.
Responding to media enquiries about mCash at the event, the bank’s Head of E-Business, Akinwale Ojo, described mcash as an innovative solution targeted at low-value retail payments
He said: “The intention of mCash is to create enhanced opportunity for people who rely mostly on cash to find convenient means of making payments electronically thus further enabling financial inclusion in Nigeria.”
In his remarks, the Managing Director, NIBSS, Adebisi Shonubi, said that the NIBSS partnered banks, telecommunication companies, financial regulators, and merchants on the initiative to further drive financial inclusion.
Shonubi pointed out that “the re-launch, which is in line with Central Bank of Nigeria’s (CBN) renewed efforts at driving financial inclusion was the rolling of agency networks involving the banks, telcos and merchants, and is thus ecosystem driven.”
According to the NIBSS boss, the plan in the next two years is to have 500,000 agent networks that will provide financial services as well as educate and inform people on how the platform works.
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.
Skye Bank is one of Nigeria’s leading retail bank with wide-ranging electronic solutions promoting consumer lifestyle and e-commerce experience for its customers.
