Fidelity Bank joins NIBSS’ mCash platform

Fidelity Bank Plc has joined the Nigeria Inter-Bank Settlements System (NIBSS) ‘microCash’ (mCash) product platform, which allows it’s registered merchants to receive payments from customers using their phones.
 
The platform, launched in collaboration with the NIBSS, other banks and leading telecommunications companies, this electronic payment solution called mCash rides on Unstructured Supplementary Service Data (USSD) technology to enable merchants and customers conduct transactions instantaneously.
 
For Fidelity Bank, in keeping with its promise to make financial services easy and accessible to its teeming customers, it integrated mCash into its Instant Banking service *770#.

Fidelity Bank currently has over half a million customers using its *770# Instant Banking product which accounts for over 10 per cent of the bank’s transaction volume. 

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 a collaboration between the banking and telecommunications industries was necessary to bring this initiative into fruition.
 
Also speaking, Head of Mobile Financial Services, Etisalat Nigeria, Seun Omotosho, 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,” he said.