Globacom, one of the largest telecom operators in the country, has launched its payment service bank (PSB) two years after it secured the licence.
The payment subsidiary, MoneyMaster PSB will provide financial services to millions of Nigerians who are currently unbanked.
It 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.
The Central Bank of Nigeria (CBN) approved Globacom’s PSB licence application on 27 August, 2020, alongside 9Mobile and Unified Payments. The third largest mobile network operator joins its peers that have already started their operations.
“Our overarching 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,” the company said in a statement.
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 said MoneyMasterPSB is ready 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 79 million citizens which stand to benefit from the emergence of MoneyMasterPSB and others to bring them into the nation’s financial services
