NIBSS CEO Adebisi Shonubi said that the mCash initiative was borne out of the need to enhance financial inclusion in Nigeria by extending e-payment benefits to payers and merchants who operate at the local levels especially the small and medium scale business owners. The intention is to expand the payment opportunity for people who still use cash today to find a more convenient means of making payments. CBN has been pushing for a cashless economy and even the banking public has experienced the significant gains that can be derived from it.

The mCash initiative leverages the NIBSS Instant Payment Infrastructure (NIP) for immediate fund delivery to merchants’ accounts and mobile telephone USSD technology, which in recent times has become the most accessible channel for financial and non-financial transactions, he added.