Gkala by MoneyMaster PSB Revolutionizes Financial Inclusion with 8% Interest: Best Rate ever!
MoneyMaster PSB is a branch of the Globacom telecommunications company. On the 27th of September, 2019, the Central Bank of Nigeria registered MoneyMaster Payment Service Bank Limited as a private limited liability company after granting it a license for digital banking in order to facilitate financial inclusion. MoneyMaster payment service bank began conducting its business operations on May 30, 2022.
In addition to this, MoneyMaster is known to use Globacom’s existing infrastructure in Nigeria, which allows more agents to be onboarded both in rural and urban parts of the country.
In an effort to promote economic activity within Nigeria, MoneyMaster Payment Service Bank focuses its attention on the unbanked and underbanked market using its flagship product, G-Kala. One of G-Kala wallet’s key features is that a customer’s phone number would act as their account number.
Other features include:
- payment of Bills
- Airtime top up
- Data Bundle Subscription
and many other services offered by VTU platforms.
Introducing G-kala
The design of the G-Kala product is targeted toward the unbanked and underbanked populations of Nigerians. Its most notable feature is its USSD feature, which lets users take part in banking transactions without being connected to the internet.
USSD also allows users to make deposits, withdrawals, transfer money to other banks, buy airtime, and pay for utility services like energy, water, and DSTV subscriptions, among many others.
G-Kala functions in real time by managing frameworks to avoid hindered transactions. Additionally, it is a convenient and cheaper alternative to existing money transfer services, which are often greatly inefficient. G-Kala offers its users banking services without being tethered to a reliable internet connection.
How to open up a MoneyMaster account, aka G–kala account
If you are on Glo or any other network, dial *995# and follow the provided procedures to create an account with G-Kala or MoneyMaster PSB. Unlike MTN MoMo or any other mobile money network, the PSB wallet does not rely on network constraints. For more details on Moneymaster PSB, visit the FAQ.
New Offer for Savings Account Holders—G-kala Benefits
While financial inclusion remains critical, fostering a culture of savings is equally important, and MoneyMaster Payment Service Bank, one of the leading payment service banks in Nigeria, has launched a new offering aimed towards both old and new customers.
The bank owned by Globacom, a digital solutions company, is now offering a G-kala savings account, which has an annual interest rate of 8 percent.
The initiative aims to target every Nigerian, especially the unbanked and underbanked, who need to participate in a formal financial sector by encouraging them to save.
This initiative is also a part of the greater mission that works on increasing financial inclusivity in the country so that more and more people have access to basic banking services.
G-Kala savings account offers a whopping 8 percent interest per annum on all deposits, which is significantly higher than most average savings accounts. But this enticing interest rate does come with a string of limitations.
For one, account holders can make a maximum of three withdrawals in a month. Interest is added to the account on a monthly basis after being calculated, meaning there is a requirement for added savings discipline. This helps the bank achieve its primary goal of encouraging increased savings.
Final thoughts
While introducing new products into the country’s payment service banks market, MoneyMaster PSB is keen to accentuate the financial inclusion agenda much like Globacom did to the telecom industry’s competitive landscape upon entering the market in 2003, using best-in-class technologies and unique products.
The introduction of the G-Kala savings account that offers up to eight percent (8%) annual interest is a considerable advancement towards increased financial inclusiveness and development of savings culture in Nigeria.
Beyond the attractive interest rates given to account holders, this initiative encourages the adoption of cashless banking and also facilitates the provision of banking services to a greater number of people.
G-Kala also enables money transfers and other financial operations to be done safely, easily, quickly and cheaply through USSD modem, which increases the security of financial transactions.
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