mCASH Nigeria review: What you should know about the company

mCASH is a modern innovation in the Nigerian financial industry. It involves the use of a USSD code to make payments for goods and services to merchants registered on the mCASH platform.

How Does mCASH Work
The USSD code for *402# and all you need to do is to dial it from the phone number linked to your bank account and select make payment. You will need to enter the amount you are paying and then the Merchant code of the goods or services provider.

The USSD system automatically detects your bank account number(s) for you to select the particular account you want to pay with. To approve your payment, you would need to enter your bank USSD PIN. If perhaps you do not have a USSD PIN, the system will prompt you to create one before proceeding. After that, your account will be debited accordingly and you will receive a text notification on your phone.

Who can use mCASH
mCASH was introduced by the CBN – Central Bank of Nigeria – and is currently available on 19 commercial banks in Nigeria. Anyone can use mCASH but you will not be able to use it if it is not yet featured by your bank.

Also, you can use mCASH on all major telecommunication networks in Nigeria which includes MTN, Airtel, Glo, and 9Mobile. You can access mCASH using the individual USSD codes of banks who are on the platform. mCASH can be accessed with any GSM phone, it is operated with USSD so it does not need internet access. However, it can also be accessed on the web or with a POS via mCASHPAY.

How to become an mCASH merchant
If you want to be receiving payments via the mCASH USSD platform, you need to register as a merchant with your bank. The process is very simple, simply visit your bank branch and request that you want to register as an mCASH merchant and follow the procedures as instructed. SMEs and religious organizations are allowed to register as mCASH merchants.

After registering, you will receive a merchant code – this code is usually 8 digits in number. This is what your buyers will use to make payment to you for any goods or services you provide.

Charges with using mCASH
Certain charges apply when you make business transactions with mCASH though it varies depending on the bank you are using. Usually, Merchants are not charged for transactions lesser than N10,000 or N5,000 but customers (those making the payments) are charged for every transaction. The charges are however low as they range from N20 – N50.

Limits with using mCASH
Though it differs according to the bank, the transaction limit of using mCASH in a day is N50,000 (Fifty Thousand Naira Only). This means that payers can not make payments above N50,000 in one day.

Benefits of using mCASH
The mCASH platform is one that is beneficial to both merchants and customers. It helps merchants accept payments easily and from a wide range of customers. With mCASH, merchants can be paid from almost anywhere in Nigeria. For customers, it is almost the same as it makes payment convenient and fast for them.