By Babajide Komolafe
Nigeria Interbank Settlement System (NIBSS) has said that every transaction via the mCASH electronic payment platform enjoys maximum insurance cover of N50,000.
Managing Director/Chief Executive, NIBSS, Mr. Ade Shonubi, disclosed this at the re-launch of the platform in Lagos. He explained 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.
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.”