Foremost Digital Services Company, Globacomm has officially announced the commencement of operation by its Payment Service Bank, MoneyMasterPSB at an event titled “Pushing The Frontiers”, held on October 6, 2022, in Lagos
With the takeoff of MoneyMaster PSB, the Federal Government’s drive toward financial inclusion in Nigeria has received a significant boost.
“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.” said Globacom in a press statement in Lagos on Monday.
The Central Bank of Nigeria (CBN) granted a payment service bank license to MoneyMaster PSB on August 27, 2020. By virtue of the PSB licenses, MoneyMaster PSB s expected to 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. However, they cannot grant loans like commercial banks.
With this development, MoneyMaster PSB will leverage effectively on the nationwide spread of national telecommunications company, Globacom, thus rolling out its services massively across the nook and crannies of the country,
Reiterating the readiness of MoneyMaster PSB to redefine the payment service banks’ landscape while driving financial inclusion in Nigeria. Globacom said, “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.”
With the Nigeria Inter-Bank Settlement System (NIBSS)’s statistics of 133.5m bank accounts in Nigeria as of December 2021, alongside 54 million BVNs registered in April 10, 2022, there is a huge gap of about 79m Nigerians, thus giving MoneyMaster and other PSB’s the opportunity to incorporate these unbanked and under-banked citizens into the nation’s financial services ecosystem.
To open an account, all the customer needs to do is dial *995# and then follow the prompts from a Glo line or from any other telecommunications network as MoneyMaster PSB is network agnostic.