Glo unveils MoneyMaster PSB with G-Kala to deepen financial inclusion
By Chisom Nwatu
Telecommunications operator Globacom has officially unveiled MoneyMaster Payment Service Bank (PSB), its financial services subsidiary, in a bid to deepen financial inclusion in Nigeria.
According to Globacom, MoneyMaster will deliver its financial services through G-Kala, a platform and mobile app providing mobile wallet, bank account, mobile payments and other solutions for individuals and businesses. G-Kala will allow for the digital transfer of electronic money from person to person, person to business, and business to person.
MoneyMaster PSB was granted a payment service bank licence by the Central Bank of Nigeria (CBN) on August 27, 2020 but commenced commercial operations on May 30, 2022.
By virtue of their licences, PSBs can facilitate payment and remittance services within Nigeria, accept deposits from individuals and small businesses, issue debit and prepaid cards, operate electronic wallets, and carry out other services in line with CBN regulations. Unlike commercial banks, however, they cannot grant loans.
MoneyMaster will leverage Globacom’s pan-Nigerian spread and pervasive agents’ footprint in the rural and urban areas as it begins its massive rollout, the telco said, adding that it will be engaging over 100,000 agents across the country to serve as the primary interface for deposits and withdrawals.
“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,” Globacom said in a statement.
Globacom, which started operations in 2003, is noted to have revolutionized the telecom industry with cutting-edge technology and unique products. In the same way, hopes are high that MoneyMaster PSB will redefine the payment service banking landscape while driving financial inclusion in Nigeria.
“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,” Globacom said.
“We are grateful to the CBN for the opportunity to deepen financial inclusion in Nigeria using our cutting-edge technology and vast network,” it said.
To open an account, all the customer needs to do is dial *995#, then follow the prompts from a Glo line or from any other telecommunications network as MoneyMaster PSB is network agnostic.