Glo as commonly known, which is Nigerian telco Globacom, has officially launched its new mobile payments and banking business MoneyMaster Payment Service Bank (PSB).
G-kala was first established in 2019, but only commenced operations in May 2022 after it got licensed by the Central Bank of Nigeria (2020) in August 2020.
With G-Kala, MoneyMaster will deliver its financial a platform and mobile app providing mobile wallet, bank account, mobile payments and other solutions for individuals and businesses.
The subsidiary also allows for the digital transfer of electronic money between people and businesses, jointly carried out alongside with an agent network which serves as the primary interface for deposits and withdrawals.
The Nigeria Inter-Bank Settlement System (NIBSS) stated that as at December 2021, there were 133.5 million bank accounts in the country, which translates to around 79 million unbanked or underbanked Nigerians.
In a mission to enable financial inclusiveness in both rural and urban areas, MoneyMaster employs the service of 100,000 agents to reach Nigerians who are out of the financial system. The system enables transactions from any location with the aid of just a smart phone and internet connection to get started. Customers can get an account opened by dialing *995# from any telecommunications network.
MoneyMaster is the third company to be granted a payment service bank license from the CBN, with the first two being Unified Payment Services’ Hope PSB and 9mobile’s 9 PSB.
As highlighted in a statement by the company,
“One key feature of MoneyMaster’s G-Kala product is that the customer’s phone number will be used as his or her account number. 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 its flagship product G-Kala in order to deepen financial inclusion in Nigeria.”
