Moneymaster PSB, which recently launched its flagship product, G-Kala, says it is out to deepen financial inclusion and create new jobs. SULAIMON OLANREWAJU reports.
WITH the formal launch of G-Kala, its flagship product last week, MoneyMaster PSB has reiterated its commitment to transforming the nation’s financial landscape by democratising access to financial services through the provision of seamless payment services.
At the launch, which turned out to be a special stakeholder event, MoneyMaster PSB Managing Director, DemolaElutilo, said that not only would G-kala revolutionise the industry, it would also deepen financial inclusion and create new job opportunities in the country.
The Managing Director, while addressing the audience made up largely of regulators, market and trade associations, student union representatives, trade partners, and members of the press, said that G-kala would bring a huge number of the unbanked populace into the financial system of the country.
The launch also had in attendance, representatives of several markets and trading centres in Lagos, including Ladipo, Mile 12, Computer Village main markets, and student union representatives from University of Lagos (Unilag), Lagos State University (LASU), and Yaba College of Technology (YabaTech).
According to MrElutilo, the operations of MoneyMaster PSB would empower many Nigerians financially and bring, most especially, people in the rural areas into the banking system.
The MoneyMaster PSB boss said with its innovative features, G-kala would revolutionize the Nigerian payment system, advance the cashless economy initiative of the federal government and bring millions of people in urban and rural areas into the financial community.
He stated, “MoneyMaster PSB will bring convenience and inclusion across all our target segments of the population. With G-kala, your phone is your bank. Aside from the benefits to our customers, we are on-boarding a very large number of agents for cash in and cash out, through which we are creating new jobs in our various communities, which is also a boost to the nation’s economy. This is the beginning of our journey to revolutionize the financial services landscape in the country.”
While speaking at the event, Mr. Samuel Oluyemi, General Manager, Business Development, Nigeria Interbank Settlement Scheme (NIBSS), praised MoneyMaster PSB for introducing G-kala.
According to him, NIBSS had worked with MoneyMaster PSB from the beginning to ensure a seamless integration with the countrywide banking system. He added that the payment service bank is a great plus to promoting financial inclusion and widening the scope of service providers across the country,
Oluyemi said that the nation’s teeming unbanked population had great expectations from payment services banks and urged MoneyMaster PSB to seize the initiative of fast deployment of services to address the needs of that critical segment of the population.
With the vision to be the leading provider of innovative digital financial products and services that transform lives and contribute to sustainable living in Nigeria, MoneyMaster PSB’s G-kala is designed to operate simpler, convenient and more reliable channels for customers to conduct financial services. It will provide an easy way for people to move money, access financial information, and make bill payments. To open an account, all that a prospective customer needs to do is dial *995# regardless of their network then follow the prompt to open a G-Kala wallet. Prospective customers can also log onto www. moneymasterpsb.com for details on products and services offered by the bank.
MoneyMaster PSB was granted a payment service bank licence by the Central Bank of Nigeria (CBN) on August 27, 2020 but commenced commercial operations on May 30, 2022. As a PSB, it can facilitate payment, remittance services within Nigeria, accept deposits from individuals and small businesses, issue debit, and prepaid cards, operate electronic wallets, and carry out other services in line with CBN regulations. Unlike commercial banks, however, it cannot grant loans.
As part of its commitment to bridging the financial inclusion gap in the country and reaching the bulk of the unbanked population, MoneyMaster PSB plans to have a massive rollout that will see it engaging over 100,000 agents across the country to serve as the primary interface for deposits and withdrawals.
“Our over-arching business objective remains to empower Nigerians by providing them with unlimited opportunities. We shall target the unbanked and under-banked with G-Kala, our flagship product, in order to deepen financial inclusion in Nigeria,” the company said. “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.”
To create the largest undisputed and widely spread digital financial service touch points, in order to deepen financial inclusion G-Kala offers easy banking and payments services. The customer’s telephone is the bank, while the telephone number is your bank account number.
The ease of transaction which is the hallmark of G-Kala was attested to by DoyinFayemi, one of the students present at the launch, saying, “I like convenience because for me, it’s about doing something at my own pace and when it’s comfortable. No one wants to run around just because they want to do simple cash-in and cash-out transactions, and pay bills. With G-Kala, I can accomplish this right now on my phone. G-kala clearly brings a lot of convenience.”
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