Globacom Launches Payment Services Banking Unit with MoneyMaster

Glo Mobile subscriptions in Nigeria reach 208.6 million

Globacom launched a payment services banking unit, MoneyMaster PSB, to foster financial inclusion.

In a statement on Friday, the telecom company said the aim of the launch was to empower Nigerians by providing unlimited opportunities.

MoneyMaster was granted a payment service banking license by the Central Bank of Nigeria (CBN) in 2020.

Announcing the launch on Friday, Globacom said the PSB is expected to facilitate payment and remittance services in Nigeria, accept deposits from individuals and small businesses, and issue debit and prepaid cards.

The company added that MoneyMaster would also operate e-wallets, inbound remittances and perform other services in accordance with CBN regulations.

“Our overarching business objective remains to empower Nigerians by providing unlimited opportunities,” Glo said.

“MoneyMaster extends this goal by targeting the unbanked and underbanked with G-Kala, its flagship product to deepen financial inclusion in Nigeria.”

According to the release, MoneyMaster will leverage Globacom’s nationwide coverage and extensive agent presence in rural and urban areas to achieve its planned massive rollout.

Additionally, he said customers should “dial *995#” to open an account and then follow the instructions from a Globacom line or other telecommunications network.

The company assured that MoneyMaster would redefine the payment services banking landscape and deepen financial inclusion in Nigeria.

“A key feature of MoneyMaster’s G-Kala product is that the customer’s phone number will be used as the account number,” he said.

“We are grateful to the CBN for the opportunity to deepen financial inclusion in Nigeria using our advanced technology and vast network.”

With the launch, MoneyMaster will join the payment units of MTN Nigeria Communications and Airtel Nigeria – MoMo and SmartCash – respectively, which have recently started business operations.