Globacom has launched a payment service bank unit, MoneyMaster PSB, to foster financial inclusion.

In a statement on Friday, the telecommunication firm said the aim of the launch was to empower Nigerians by providing them with unlimited opportunities.

MoneyMaster was granted a payment service bank licence 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 within Nigeria, accept deposits from individuals and small businesses as well as issue debit and prepaid cards.

The company added that MoneyMaster would also operate electronic wallets, inbound remittances and carry out other services in line with CBN regulations. 

“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.”

According to the statement, MoneyMaster will leverage on Globacom’s nationwide coverage and extensive agents’ footprint in the rural and urban areas to achieve its planned massive roll-out.

Furthermore, it said customers need to “dial *995#” to open an account and then follow the prompts from a Globacom line or from any other telecommunications network.

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

“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,” it said.

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

With the launch, MoneyMaster will be joining the payment units of MTN Nigeria Communications, and Airtel Nigeria — MoMo and SmartCash — respectively, which recently began commercial operations.

The Cable