How GLO MoneyMaster PSB Could Help Financial Inclusion in Nigeria

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MoneyMaster PSB is a subsidiary of Globacom telecommunication company. MoneyMaster Payment Service Bank Limited was properly granted a license by the Central Bank of Nigeria to operate as a digital bank providing services for financial inclusion on September 27, 2019, and it was registered as a private limited liability company. MoneyMaster payment service bank began conducting its business operations on May 30, 2022.

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As part of its vast roll-out, MoneyMaster make use of Globacom’s widespread presence throughout Nigeria and its ubiquitous agents\’ that are currently presence in both urban and rural areas.

MoneyMaster PSB focuses on the unbanked and underbanked using G-Kala its flagship product to increase financial inclusion in Nigeria. The customer’s phone number will be utilized as their account number, which is one of the G-kala wallet primary features.

Other features include:

  • payment of Bills
  • Airtime top up
  • Data Bundle Subscription
  • and Many other services offered by VTU platforms

GKala benefits!

The G-Kala product itself is designed to cater to the needs of unbanked and under-banked Nigerians. What makes G-Kala unique is that it doesn’t rely on internet connectivity, making it accessible to a wider audience. It leverages USSD capabilities, allowing customers to perform a range of banking activities directly from their mobile phones. This includes making deposits, withdrawing money, transferring funds to accounts in other banks, purchasing airtime, and paying bills for utilities such as energy, water, DSTV subscriptions, and other services.

G-Kala operates in real-time, ensuring secure, swift, and convenient transactions. Furthermore, it offers a cost-effective alternative to traditional money transfer services, which can be both time-consuming and expensive. With G-Kala, customers can enjoy the convenience of digital banking without the need for a stable internet connection.

How to create MoneyMaster account AKA GKALA

Simply dial *995# from a Glo line or from any other Network and follow the on-screen instructions to open an account with MoneyMaster PSB (AKA G-kala wallet). The PSB wallet is network independent unlike momo and smartcash wallet that are being attached to a particular mobile network or service provider. See FAQs to learn more about Moneymaster PSB.

New Offer For Savings Account Holders

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As significant as it is to promote financial inclusion and nurture a culture of savings, MoneyMaster Payment Service Bank, a major payment service bank in Nigeria, has launched a new offering that is set to benefit both new and existing customers. The bank, backed by digital solutions provider Globacom, is unveiling the G-Kala savings account with an impressive eight percent annual interest rate.

The primary goal behind this initiative is to encourage Nigerians, especially the unbanked and under-banked, to save their money and participate in the formal financial sector. This is part of the broader mission to enhance financial inclusion in the country, ensuring that more individuals have access to essential banking services.

The G-Kala savings account promises a substantial eight percent interest per annum on all deposits, a rate that surpasses traditional savings accounts by a significant margin. However, this attractive interest rate does come with conditions. Account holders are allowed a maximum of three withdrawals per month. The accrued interest is calculated and credited to the account on a monthly basis. This requirement encourages customers to maintain a savings discipline, aligning with the bank\’s overarching objective.

Concluding the facts

MoneyMaster PSB is prepared to reshape the payment service banks\’ landscape while promoting financial inclusion in Nigeria, just as Globacom altered the telecom business when it began operations in 2003 with cutting-edge technology and distinctive products.

Additionally, MoneyMaster Payment Service Bank\’s introduction of the G-Kala savings account with an eight percent annual interest rate represents a significant step towards financial inclusion and a thriving savings culture in Nigeria. This initiative not only benefits account holders with an attractive interest rate but also promotes the adoption of cashless banking, making banking services more accessible to a broader range of customers. G-Kala, with its USSD-based mobile banking capabilities, offers a practical and secure alternative to traditional money transfer services, making financial transactions safer, quicker, more convenient, and more affordable.


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