Globacom Introduces MoneyMaster, A Payment Service Bank

The Central Bank of Nigeria (CBN) granted Globacom a licence to operate MoneyMaster PSB, a payment service bank that will allow millions of underbanked and unbanked Nigerians access financial services. Globacom announced the official launch of MoneyMaster PSB on Monday.

The provider of digital solutions stated in a press release issued in Lagos 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.”

Along with other PSBs, MoneyMaster PSB will handle inbound and outbound remittances, operate electronic wallets, issue debit and prepaid cards, accept deposits from individuals and small businesses, and provide other services in accordance with CBN regulations.

MoneyMaster is starting off with a significant edge because it anticipates using Globacom's enormous agent base in both rural and urban parts of Nigeria and its nationwide reach to fulfil its goal of wide-scale roll-out. All a customer needs to do to open an account is dial *995# from a Glo line or from any other telecoms network; MoneyMaster PSB is network independent.

MoneyMaster is starting off with a significant edge because it anticipates using Globacom's enormous agent base in both rural and urban parts of Nigeria and its nationwide reach to fulfil its goal of wide-scale roll-out. All a customer needs to do to open an account is dial *995# from a Glo line or from any other telecoms network; MoneyMaster PSB is network agnostic.