Nigeria’s next generation telecommunications company, Globacom, has pledged full support to the Federal Government’s new electronic payment initiative, mCash.
mCash is a payment system that allows sellers or merchants to collect money for their goods and services from buyers electronically, using telecommunications infrastructure and mobile devices.
The initiative, midwifed by the Nigerian Inter-Bank Settlement System (NIBSS), in conjunction with telecommunication companies, was formally launched recently. The new solution, which rides on telecom operators’ networks, is targeted at extending e-Payment to low income earners as well as Micro, Small and Medium Enterprises (MSMEs), who transact their businesses mainly in cash.
Globacom’s Head of Mobile Money Financial Business, Esaie Diei, described mCash as a unique initiative which would help realise the Cashless policy and financial inclusion strategy of the Central Bank of Nigeria (CBN), the lender of last resort.
He said Globacom had always supported CBN’s initiatives, especially its efforts to reach the unbanked and the masses generally through mobile phone technology.
“This is why we invested in a dynamic and secured USSD Gateway for Financial services to which mCash is connected. Glo Subscribers are, therefore, assured of a very efficient and robust system on the network,” he said.
Diei said the mCash initiative would make payment for goods and services easier and more convenient, promising that Globacom would provide the requisite assistance for the payment scheme to succeed.