mCash facilitated over N88.56 billion financial transactions one year after it relaunched in Nigeria. The Nigeria Bureau of Statistics, NIBSS revealed this figure.
mCash is an unstructured supplementary service that enables retail merchants to pay for low-value goods and services seamlessly. The platform offers its payment service on both feature phones via USSD codes and on mobile Apps.
It also offers web-based payment services via its mCASHPAY platform, as well as on the POS machine.
mCash was launched in 2016 but did not receive the needed acceptance until it relaunched in 2018.
Since the relaunch, its payment volume and value have increased tremendously. It now has 19 banks live on its platform, and 4 Telecoms operators subscribed to its services.
The N88.56 billion transactions made between 2018 to 2019 was gotten in this order;
- A total of 18,326 deals worth N59.23 million were recorded on the mCash platform in October 2018.
- The following month, mCash recorded 19,528 volumes of transactions, resulting in N54.18 million.
- In December 2018, 21,001 mCash payments worth N67.24 million were made by retailers in the country.
- In January 2019, the volume of transactions on the mCash platform dipped to 17,574 and reduced by N54.31 million.
- However, in February 2019, the volume of payments rose to 19009, valuing at N61.72 million. This further improved in March, as the fintech recorded 22,121 payments worth N67.41 million.
- In April, retailers carried out 21,123 deals valued at N66.02 million. May’s volume rose to 23,859, with a value of N87.15 million.
- Between June 2019 and September 2019, a total of 55,591 deals were also made. This placed the value of the transaction made by the fintech to 88.04 billion.
With the continuous growth of mCash, we believe that fintech services will become more accessible to Nigerians, especially to the unbanked population.
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