The Central Bank of Nigeria (CBN) granted Globacom a license to operate MoneyMaster PSB. This payment service bank would allow millions of underbanked and unbanked Nigerians access financial services. Globacom announced the formal launch of MoneyMaster PSB on October 6, 2022.
The digital solutions provider stated in a press release in Lagos that “our overarching company objective continues to empower Nigerians by presenting them with limitless options. With G-Kala as its main product, MoneyMaster broadens that goal by focusing on the unbanked and underbanked in order to increase financial inclusion in Nigeria.” Along with other PSBs, MoneyMaster PSB will handle incoming and outbound remittances, run electronic wallets, issue debit, and prepaid cards, take deposits from individuals and small companies, and provide other services in accordance with CBN laws.
MoneyMaster is starting off with a significant edge since it anticipates using Globacom’s enormous agent base in both rural and urban parts of Nigeria and its nationwide reach to fulfill its goal of the wide-scale rollout.
The consumer only has to dial *995# from a Glo line or from any other telecoms network to establish an account since MoneyMaster PSB is network-independent.
MoneyMaster PSB is in a position to completely reshape the payment service banks’ business while promoting financial inclusion in Nigeria, just as Globacom did when it first began operations in 2003, revolutionizing the telecom industry with cutting-edge technology and distinctive products.
“Using the customer’s phone number as their account number is a crucial aspect of MoneyMaster’s G-kala solution. We appreciate the CBN giving us the chance to use our cutting-edge technology and extensive network to further financial inclusion in Nigeria,” Globacom said in its conclusion.