MFBs, PMBs, others to drive future of NIBSS mCash

Managing-Director-of-the-Nigeria-Interbank-Settlement-System-NIBSS-Mr.-Ade-Shonubi

The future of the mCash, a product of the Nigeria Inter-Bank Settlement System (NIBSS) is seen to be driven by expected significant adoption by other financial institutions (OFIs).

Other financial institutions include microfinance banks (MFBs), Finance Companies (FCs), Primary Mortgage Banks (PMBs) and Development Finance Institutions (DFIs).

mCash is a micro-payment platform or an innovative solution designed by NIBSS in collaboration with Deposit Money Bank (DMBs) and the Telcos, to facilitate low-value retail payments in the country.

Related News

Launched two years ago, mCash is designed to drive payments by providing accessible electronic channels to a wider range of users and to further grow financial inclusion.

Speaking in Lagos at the re-launch of mCash, Ade Shonubi, managing director/CEO, NIBSS said, the mCash is the first payment platform that has insurance up to N50,000.

“If you use mCash and there is a fraud, up to N50,000 is fully insured and you will get your money back because BVN is at the back, we can always do investigation and find out where the money went unlike any other products”, he said.

Shonubi said the product uses a common USSD that cut across all banks. “Someone who has many bank accounts do not have to start remembering the code for each of the banks”.

Hope Moses-Ashike

Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.