…as new payment solution targets low income earners
National telecommunications operator, Globacom, has assured its subscribers of a very efficient and robust technical backup for the new low-value payment solution mCash, launched recently by the Nigerian Inter-Bank Settlement System (NIBSS) in partnership with banks and telecommunication companies.
Speaking at the launch of the scheme, Mr. Esaie Diei, Head, Mobile Money Financial Business of Globacom, said that the company would use its “advanced nationwide network to ensure the success of government’s new payment initiative”.
The payment solution is targeted at low income earners as well as Micro, Small and Medium Enterprises (MSMEs) who transact their businesses mainly in cash. The intention is “to extend easy e-Payment and financial inclusion to this class of business persons”. Diei said.
He saluted NIBSS for the unique initiative which he called a promising product that would help the Central Bank of Nigeria(CBN) realize its Cash-Lite policy and grassroots financial inclusion goals.
Diei said further that his company will continue to support 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”.
Mr. Diei disclosed that Globacom was proud to be part of the mCash initiative as it would make payment for goods and services relatively easy and convenient. He pledged that the company would provide the requisite assistance for the payment scheme to succeed.
On his part, the Chief Executive Officer of NIBSS, Mr. Adebisi Shonubi, threw more light on mCash saying that it was intended to extend digital payment to the large segment of the population who deal with cash on a daily basis. He explained further that the solution is the most convenient and cost effective platform to address low value payment nationwide because it leverages the networks of telecom operators which already have nationwide coverage. He added that unlike other payment systems where settlement takes place 24 hours after payment, mCash gives instant credit to the sellers.
Principal Manager, Banking and Payment Systems Department of the CBN, Mr. Joe Obogo, who represented his Director, congratulated NIBSS for addressing a long pending challenge of making digital payment available for everyone. He said that bringing the banks and the telecom companies to collaborate on the scheme would ensure best service for the payment industry.