Nigeria’s Telecommunications giant, Globacom had on Friday, launched its payment service bank, MoneyMaster Payment Service Bank Limited with the aim of empowering Nigerians by providing them with unlimited opportunities.
MoneyMaster Payment Service Bank Limited was registered on September 27, 2019, as a Private Limited Liability Company and duly licensed by the Central Bank of Nigeria in 2022 as a Digital Bank delivering financial inclusion services.
In a statement at the launch, Globacom said that MoneyMaster is expected to facilitate payment and remittance services within Nigeria, accept deposits from individuals and small businesses as well as issue debit and prepaid cards.
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In addition the telecoms company went on to say, MoneyMaster would also operate electronic wallets, inbound remittances and carry out other services in line with CBN regulations. MoneyMaster however, cannot grant loans like commercial banks.
“Our over-arching business objective remains to empower Nigerians by providing them with unlimited opportunities,” Glo said.
“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.”
Globacom is looking to leverage its nationwide reach as an opportunity for MoneyMaster PSB to extend its services to different parts of the country.
It said customers can open an account by dialing *995# and then follow the prompts from a Globacom line or from any other telecommunications network.
Glo said that the customer’s phone number will be used as his or her account number on the MoneyMaster’s G-Kala product.
Glo’s MoneyMaster will be joining the other payment companies provided by its competitors in the Telecoms space; MTN Nigeria’s MoMo and Airtel Nigeria’s SmartCash.
Nnamdi Maduakor is a Writer, Investor and Entrepreneur
