NIBSS Launches mCash for Easy Mobile Shopping


    The Nigeria Interbank Settlement Scheme, NIBSS has partnered with all the commercial banks in Nigeria and the major telecom operators in the country i.e. MTN, Airtel, Etisalat and Globacom to launch a mobile money payment solution called mCash.

    mCash was created to make low value retail purchases easier and to grow e-payments by giving a wider range of Nigerian users access to electronic channels thereby enhancing financial inclusion by allowing merchants and buyers at the lowest level enjoy e-payment benefits.

    The Managing Director and CEO of NIBSS, Mr Ade Shonubi at the mCash launch in Lagos said: “The whole intention of mCash is to broaden the opportunity for people who rely mostly on usage of cash to find convenient means of making payments electronically. The CBN has been pushing the cashless initiative for a long time and we have seen significant gains but a lot of people who have benefited so far have been the banking customers. And we need to deepen and reach out to a lot more people, as we begin to make real the dream for financial inclusion and as we begin to realise that a lot of government’s social programme will touch a different set of people”

    mCash uses Unstructured Supplementary Service Data, USSD codes also known as short codes which are dialed from mobile phones and other devices for payment processing.  Traders can make use of mCash as a payment method by registering through their bank, the bank will then give them an 8 digit seller code to give customers who wish to make purchases from them.

    When a customer intends to pay for goods using mCash, all they have to do is dial *402*Eight digit Seller Code *Amount#, As stated earlier, the seller will provide the buyer with his seller code for the transaction.

    An example of a transaction using mCash is this: Supposing I want to purchase a wristwatch worth 5000 Naira from a seller and his mCash seller code is ‘12345678’, I will simply dial *402*12345678*5000# on my phone and send, the seller’s name will then appear and then a list of banks for me to select my bank from, I will then select my bank, input my passcode and complete the transaction. As soon as the transaction is processed, both I and the seller will receive bank alert notifications for the transaction.
    You can only use the mobile number linked to your BVN for mCash transactions and you will be charged 20 Naira for each mCash transaction below 10,000 Naira and 50 Naira for all mCash transactions above 10,000 Naira. Both the buyer and seller are charged the amounts above. NIBSS guarantees a resolution to mCash transaction issues within six hours.


    1. my question is this? what pass code are we talking about? your ATM Pin or what? if not the ATM pin then how is the pass code generated?