MoneyMaster will disrupt payments and remittances with 100,000 agents

MoneyMaster PSB Limited, newly licensed by the Central Bank of Nigeria (CBN) to drive financial inclusion and connect millions of unbanked people to the formal sector, said it will disrupt digital payments and remittances with 100 000 agents in the country.

The service would facilitate payment and remittance services in Nigeria, accept deposits from individuals and small businesses, issue debit and prepaid cards, operate e-wallets, conduct inbound remittances and perform other services in accordance with CBN regulations.

According to Enhancing Financial Innovation & Access (EFInA), there are still around 59 million unbanked Nigerian adults. To address this, the CBN had in 2012 developed the National Financial Inclusion Strategy (NFIS) to ensure that over 80% of bankable adults in Nigeria have access to financial services by 2020.

On October 26, 2018, the CBN issued the Guidelines for the Regulation and Operation of Payment Service Banks in Nigeria, which was revised on August 27, 2020. MoneyMaster Payment Service Bank Limited was registered on September 27, 2019 as a limited liability company. and licensed by the CBN in 2020 as a digital bank providing financial inclusion services.

Recent data released by the Nigeria Inter-Bank Settlement System (NIBSS) revealed that Nigeria had around 133.5 million bank accounts as of December 2021. Only 54 million of this figure had a full Bank Verification Number (BVN) as of April 10, 2022, creating a gaping $79 million gap that PSBs like MoneyMaster could fill by bringing the unbanked and underbanked into the financial services ecosystem.

Speaking on the company’s plans, the head of the company, Glo, Zakari Usman said, “Our overarching business objective remains to empower Nigerians by providing unlimited opportunities. MoneyMaster extends this goal by targeting the unbanked and underbanked with G-Kala, its flagship product, to deepen financial inclusion in Nigeria.

Similarly, in another presentation, Head of Products and Marketing, Esaie Diei, said MoneyMaster PSB will leverage Globacom’s nationwide coverage and extensive agent footprint in rural and urban areas to achieve its rollout. planned mass. He added that all a customer needs to do to open an account is dial *995# and then follow the instructions from a Glo line or any other telecommunications network, as MoneyMaster PSB is network independent.

Glo added that just as it revolutionized the telecommunications industry with the latest technologies and unique products when it was rolled out 19 years ago, MoneyMaster PSB is poised to redefine the banking landscape of payment and banking services. deepening financial inclusion in Nigeria.

According to the mobile network operator, “A key feature of MoneyMaster’s G-kala product is that the customer’s phone number will be used as the account number,” the statement continued. “We are grateful to the CBN for the opportunity to deepen financial inclusion in Nigeria using our advanced technology and vast network.”

In line with the CBN agenda, MoneyMaster PSB outlined its plans for those outside the city centers noting that it will build on Globacom’s pan-Nigerian spread and ubiquitous agent footprint in the areas. rural and urban as it begins its massive deployment. .

He also noted that he will leverage the power of cutting-edge, innovative technology he is known for to drive adoption of his flagship product G-Kala, which is network-agnostic and designed according to the Know-Your – CBN multi-level customer. terms.

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