As
part of efforts to further drive financial inclusion in the country, the
Nigeria Interbank Settlement System (NIBSS) in collaboration with banks and the
telecommunications companies, yesterday relaunched the mCASH solution. mCASH is
an innovative solution that was 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.
This
solution also extends e-payment benefits to payers and merchants at the bottom
of the pyramid where usage of cash has been predominant. Speaking at an event
in Lagos, the chief executive officer of NIBSS, Mr. Adebisi Shonubi, explained
that the product was launched again, after some issues that constrained its
acceptance by members of the public were resolved.
“When we started Mcash for
example, we did not anticipate the full effect of the sim swap problems that
existed. So, when it came to be, we had to slow down because sim swap was a major
issue from a loss and a risk perspective. The telcos sat with us and came up
with some frameworks that allow us identify sims that have been swap and
therefore prevents them. Since we did that, the fraud rate has dropped. So, for
us it is being a learning experience and that is why we have built in an almost
perfect product, which is why we are relaunching it,” Shonubi explained.
(ThisDay)
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