The Naira on Tuesday gained one kobo to exchange at N359 to the dollar, stronger than N360 posted on Monday.
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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#.
With this, customers can now make payments to merchants registered with any participating financial institution.According to the Chief Operations and Information Officer (COIO) of Fidelity Bank Plc, Gbolahan Joshua, the new offering will enable merchants to give their customers another convenient payment option using their mobile phones.
The launch of the system, Gbolahan noted, is a reflection of the relentless pursuit of efficiency, customer service and innovation by all key stakeholders involved.
He said that “mCash is a new product that further eliminates the need for cash by offering a simple digital payment solution to the customers of deposit money banks no matter the type of phone being used” adding that “the launch of this innovative payment service goes to show the power of collaboration in driving digital payment products”.
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.
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.
