The Nigerian Postal Service on Tuesday inaugurated a financial service product named "Postcash," aimed at providing services to unbanked residents of rural communities across the country.
The service will enable residents of 1,200 communities where NIPOST has presence across the country to receive and send money to their loved ones using broadband Internet services provided from the Ka-band of the Nigerian Communications Satellite Limited.
At the ceremony held in a post office in Kubwa, a suburb of the Federal Capital Territory, the financial transfer service was demonstrated using the platform of Fistmonie Mobile Payment system owned by First Bank Nigeria, one of the collaborators in the scheme.
The ceremony also marked the inauguration of the Ka-band from the stable of NigComSat.
Speaking at the event, Postmaster General of the Federation, Mallam Ibrahim Baba, said the postal service was moving in a direction that could hardly have been imagined 30 years ago.