NIBSS puts Fidelity Bank on mCash product

By Niyi Jacobs

Fidelity Bank Plc has gone live on the NIBSS mCash product which will allow it’s registered merchants to receive payments from customers using their phones.

The launch which was in collaboration with the Nigerian Inter-Bank Settlement System (NIBSS), other banks and leading telecommunications companies, is called ‘microCash’ (mCash) and will ride on Unstructured Supplementary Service Data (USSD) technology to enable merchants and customers conduct transactions instantaneously.

The new initiative was unveiled in the commercial city of Lagos recently by the lead promoter – NIBSS, with successful live transactions conducted during the product launch including a Fidelity Bank merchant.

According to the Chief Operations and Information Officer (COIO) of Fidelity Bank Plc, Mr. Gbolahan Joshua, the new offering will enable merchants to give their customers another convenient payment option using their mobile phones

The launch of the system, Gbolahan noted was a reflection of the relentless pursuit of efficiency, customer service and innovation by all key stakeholders involved. Specifically, he said: “mCash is a new product that further eliminates the need for cash by offering a simple digital payment solution to the customers of deposit money banks no matter the type of phone been used ‘, adding that ‘the launch of this innovative payment service goes to show the power of collaboration in driving digital payment

Commenting on the service, the Managing Director/Chief Executive Officer (CEO) of NIBSS, Ade Shonubi noted that the initiative is geared towards creating convenient ways of making payments, further adding that collaboration between the banking and telecommunications industries was necessary to bring this initiative into fruition.

Speaking in the same vein, Seun Omotosho, Head of Mobile Financial Services, Etisalat Nigeria, the nation’s fourth largest Mobile Network Operator (MNO) with over 18 million active subscribers, congratulated NIBSS for the successful launch of the service. “At Etisalat Nigeria, we are excited about this solution and all of us have heard about what is happening in East Africa with MPESA and co and we strongly believe this is going to rival it.