This 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.

The solution proposes to aid payments to Merchants (Sellers) for commodities and services. It leverages the NIBSS Instant Payments infrastructure (NIP) 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.

Financial Institutions have a choice of allowing their respective customers to access this new service with the mCASH general short code 402 or with their own custom short codes. Either way there are no USSD charges to pay.

Merchants are expected to display their allocated mCASH merchant codes at their various business locations for proper payers notification.


  • All Business owners (Merchants/Sellers) who have goods and services to sell
  • All Customers who intend to make payments for goods and services


  • Merchant (Seller) code is assigned without charge.
  • The Seller receives instant credit for all transactions and not T+1 as in the case of POS
  • Payment is made with bank account number. You do not need a card for mCASH payment.
  • The Telcos will not charge for USSD messages as the mCASH USSD channel is zero-rated
  • Merchants(Sellers) will not bear any cost for Transactions below N5,000
  • Payments can be made from any type of mobile phone.
  • Payment receipt is provided as an alert by the payer’s financial institution
  • Transaction security is ensured using the PIN entered by customer, IMSI (International Mobile Subscriber Identity) provided by the Mobile Network Operator and BVN of the account Holder


As a Business Owner (Merchant or Seller)

  • Register for mCASH with your Financial Institution
  • You will be issued an 8-digit Seller code
  • Paste the communication material that contains the seller code at your Pay Point in the clear view of payers

As a Payer (Customer or Buyer)

  • Simply dial *402*SellerCode*Amount#
  • The Screen will display
    • 1.The Name of Seller


    2.List of your Banks
  • Select your Bank
  • Input your PIN/Passcode
  • If you do not have a PIN/Passcode, you will be required to register for a PIN/Passcode
  • You can also pay using your Bank’s USSD code as permitted by your financial institution

NOTE: Always use the mobile number linked to your BVN for mCASH transactions


  1. Additional Instant Payment alternative for Nigerians
  2. Instant Settlement of Merchants (Sellers)
  3. Requires no Internet Access
  4. Works on all mobile phones
  5. USSD service is available on all mobile networks with a wide coverage across Nigeria
  6. 24/7 availability
  7. Renders every participating merchant’s mobile phone as a point of sale device
  8. It is easy and convenient as it limits the volume of cash individuals need to carry around. It is well suited to micro payments.
  9. Facilitates financial inclusion
  10. Provides necessary information to the beneficiary e.g. Payee’s name and Payment Narration to help with reconciliation.

     CLICK HERE TO DOWNLOAD (Dangler and Sticker)