See how you can receive and make swift payment with mCash today

See how you can receive and make swift payment with mCash today. mCash is an innovative solution 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, by extending e-payment benefits to payers and merchants at the bottom of the pyramid where usage of cash has been predominant.

This solution proposes to aid payments to Merchants (sellers) for commodities and services. It leverages the NIBBS Instant payments infrastructure for immediate fund delivery to Merchants accounts and the mobile telephone ussd technology which in recent times has become the most accessible channel for financial and non-financial transactions.


1 Merchant (seller) code is assigned without charge.

2. The seller receives instant credit for all transactions against T+1 of POS.

3. Payment is made directly from the buyer bank account, no need of card for mCash.

4. There’s no charge for ussd messages as the mCash ussd channel is zero rated.

5. Merchants (sellers) will not bear any cost for transactions below N10,000.

6. Payers get full refund for any transaction done in error.

7. Payments are made from any type of mobile phone.

8. Transaction security is guaranteed by usage of PIN when transacting and authentication with the BVN during enrollment.

Who can use mCash?

1 All business owners (Merchants/seller) who have goods and services.

2. Barbing saloons/Hair dressing Saloons.

3. Supermarkets/Grocery stores.

4. Lottery companies.

5. Pharmacies

6. Clothiers/Bootiques

7. Drycleaners.

8. Artisans.

9. Loungees/bars/ restaurants.

Read also: 5 reliable ways to receive money in Nigeria

How to start using mCash for payment collection/receipt.

As a business owner, Merchant or Seller

  1. Register with your bank by filling mCash form.
  2. You will be issued an 8 digit Seller code.
  3. Display the allocated mCash merchant code at various business locations for proper payers notification.


As a payer or buyer simply follow the below steps to make your payment for goods and services.

Step 1. Dial *402*Seller code*Amount#

Step 2. List of banks will pop up on your mobile phone, select the bank you want to use for payment.

Step 3. Select the account number.

Step 4. You will be required to provide your date of birth and create a passcode.

Step 5. Final stage: You will receive a confirmation message. As simple as that….

NB; A returning buyer will not be required to provide date of birth.

Benefits of mCash payment system:

1 Merchants are settled instantly without delay or recourse to reconciliation.

2. It does not require internet access.

3. It virtually works on all mobile phones.

4. Ussd service is available on all mobile networks with a wide coverage across Nigeria.

5. 24/7 availability.

6. It is easy and convenient as it limits the volume of cash individuals need to carry around.

7. It provides necessary information to the beneficiary E.g  Payee’s name and payment Narration to help with reconciliation.

What is seller code?

A seller code is an 8 digit unique number assigned by a financial institution to any Seller on mCash.

Can I make payment using any network?

Yes, mCash is available across all network.

What do I need to make payment using mCash?

You are required to have a mobile phone, an account in any CBN licensed financial institution who will require that you create a PIN/PASSCODE to secure your transactions.

Are transactions on mCash instant?

Yes, the payer is debited instantly and the Seller receives instant credit.

What type of mobile device can be used?

You can use any type of mobile phone.

How will the seller and the payer know that a transaction is successful?

The payer and seller both receive a flash screen SMS message showing status of the transaction.

What do I do in the event of a dispute?

The seller can dial *402*1*Sellercode# to get the list of his/her last 5 successful transactions or dial *402*1*Sellercode*Transaction Ref# to confirm a specific transaction. The payer can also report to his or her bank and a refund will be made in 24hrs after verification.

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