Is NIBSS mCash the solution to Nigeria's change problem?

Is NIBSS mCash the solution to Nigeria's change problem?

By Hafiz Adewuyi   November 10, 2016   2 comments :

One afternoon back in 2013 or 2014, I was in a danfo bus on Ikorodu road, Lagos when I had a lightbulb moment. The bus fare collector (conductor) did not have enough small notes to make change for me immediately, so I had to wait till he was able to find some. Being in this waiting situation is something that most Lagosians will eagerly avoid because of the following reasons:

• you're scared the conductor has intentions of making away with your change, so he probably won't remind you before you step off if you forget to ask. This happened to me once in 2008 when I had just got into University and I could be described as a novice Lagos commuter. Before then, mummy used to haul me everywhere

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CHANGE FOR NAIJA

CHANGE FOR NAIJA

By Hafiz Adewuyi   November 10, 2016   1 comment :

An idea I had in 2014 on how to alleviate the "there is no change" hassle which small businesses and their customers face day-in-day-out in Lagos, Nigeria. I posted it here because I had to refer to it in another post where I talk about a new solution by NIBSS (mCash) which has the potential to solve this problem.

THE IDEA

This is a technology solution that aims to alleviate the problem of scarcity of denominations in business. It aims to do this by providing a platform through which any participating merchant can issue change to customers and then, customers can subsequently redeem their change from at any other participating merchant’s business.

The model works thus:

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