Telecommunications giant, Globacom says its MoneyMaster PSB aims at enhancing Nigeria’s financial inclusion drive as it announced the launch of the payment service bank recently in Lagos.
MoneyMaster obtained a payment service bank license from the Central Bank of Nigeria (CBN) in 2020.
The company explained in a press release that the service would facilitate payment and remittance services within Nigeria, accept deposits from individuals and small businesses, issue debit, and prepaid cards, operate electronic wallets, inbound remittances, and carry out other services in line with CBN regulations.
Recent data released by the Nigeria Inter-Bank Settlement System (NIBSS) revealed that Nigeria has about 133.5m bank accounts as of December 2021.
Only 54 million of this figure has complete BVNs registration as of April 10, 2022, thereby creating a yawning 79m gap which is potential for PSBs like MoneyMaster to bridge by bringing the unbanked and under-banked into the financial services ecosystem.
“Our over-arching business objective remains to empower Nigerians by providing them with unlimited opportunities. MoneyMaster extends that objective as it targets the unbanked and under-banked with G-Kala its flagship product in order to deepen financial inclusion in Nigeria,” Glo added.
Similarly, MoneyMaster PSB will leverage Globacom’s nationwide coverage and extensive agents’ footprint in the rural and urban areas to achieve its planned massive roll-out.
It added that all a customer needs to do to open an account is dial*995# and then follow the prompts from a Glo line or from any other telecommunications network as MoneyMaster PSB is network agnostic.
Glo said further that just like it revolutionized the telecom industry with the latest technology and unique products when it rolled out 19 years ago, MoneyMaster PSB is poised to redefine the payment service banking landscape and deepen financial inclusion in Nigeria.
According to the mobile network operator, “One key feature of MoneyMaster’s G-kala product is that the customer’s phone number will be used as his or her account number,” the statement continued. “We are grateful to the CBN for the opportunity to deepen financial inclusion in Nigeria using our cutting-edge technology and vast network.”
