Use mCash, get N50,000 insurance, says NIBSS

Nigeria Interbank Settlement System (NIBSS) has said that every transaction through the newly relaunched mCASH electronic payment platform enjoys maximum insurance cover of N50,000.

MTN Nigeria alongside other telecommunications companies and banks supported Nigeria Interbank Settlement Systems Ltd (NIBSS) to relaunch mCash.

The Managing Director/Chief Executive, NIBSS, Mr. Ade Shonubi, disclosed, adding that 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,” he added.

General Manager, Mobile Financial Services, MTN Nigeria, who represented the CEO, Ferdi Moolman, gave an engaging keynote address on the participation of telecommunications companies in the growth of MCash.

Speaking on the benefits of mCASH as against other platforms, he said the insurance cover is to enhance confidence in the platform, adding that NIBSS and telecommunication companies (telcos) have also upgraded mCASH to deter SIM swaps related  and other types of frauds.

Shonubi stated: “If you use mCASH and there is a fraud, up to N50, 000 is fully insured and you will get your money back because Bank Verification Number (BVN) is at the back, we can always do investigation to find out where your money went. I am not even aware of any other similar product that has insurance as a cover.”

Caroline Anyanwu, Deputy Managing Director/Chief Risk Officer, Diamond Bank, took the stage to share how the banking industry came together to build a cashless future with mCash.

mCASH is an innovative solution created to facilitate low-value retail payments and grow e-payments by providing accessible electronic channels to a wider range of users to enhance financial inclusion in Nigeria.