As part of efforts to provide financial services to millions of Nigerians who are currently unbanked, MoneyMaster PSB, an initiative of the foremost digital services company, Globacom has officially commenced operation in Nigeria.
Licensed by the Central Bank of Nigeria (CBN) on 27 August 2020 as a payment service bank, MoneyMaster PSB will 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. It, however, cannot grant loans like commercial banks.
Globacom, in a statement in Lagos on Monday, stated that “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.”
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It added that the company’s nationwide reach will provide opportunity for MoneyMasterPSB to extend its services to different parts of the country, thus extending financial services to the largely unbaked rural populations who have over the years been left out. 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.
Globacom assured Nigerians of MoneyMasterPSB’s readiness to provide top notch services that will redefine the payment service banks’ landscape and further help to drive financial inclusion in Nigeria.
Nigeria, according to Nigeria Inter-Bank Settlement System (NIBSS)’s statistic of April 10, 2022 has 54 Million registered BVNs leaving a gap about 79million citizens which stand to benefit from the emergence of MoneyMasterPSB and others to bring them into the nation’s financial services
