Telecommunications giant, Globacom has launched its payment service bank known as MoneyMaster PSB aimed at enhancing Nigeria’s financial inclusion in Nigeria. MoneyMaster obtained a payment service bank license from the Central Bank of Nigeria (CBN) in 2020. The company explained that the service would 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.
Recent data released by the Nigeria Inter-Bank Settlement System (NIBSS) revealed that Nigeria has about 133.5m bank accounts as of December 2021. Only 54 million of this figure has complete BVNs registration as of April 10, 2022, thereby creating a yawning 79m gap which are potentials for PSBs like MoneyMaster to bridge by bringing the unbanked and under-banked into the financial services ecosystem.
“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,” Glo added. Similarly, MoneyMaster PSB will leverage on Globacom’s nationwide coverage and extensive agents’ footprint in the rural and urbanareastoachieveitsplanned massive roll-out. It added that all a customer needs to do to open an account is dial*995# and then follow the prompts from a Glo line or from any other telecommunications network as MoneyMaster PSB is network agnostic.