Nigerian telecommunications giant, Globacom, has launched a banking payment services platform called MoneyMaster PSB, to serve the unbanked and underbanked.
Glo, in a statement on Friday, said the aim was to empower Nigerians by providing unlimited opportunities.
“MoneyMaster will build on Globacom’s pan-Nigerian spread and ubiquitous agent footprint in rural and urban areas as it begins its mass rollout.
“To open an account, all the customer needs to do is dial *995# and then follow the instructions from a Glo line or any other telecommunications network as MoneyMaster PSB is network independent.
“MoneyMaster PSB is poised to redefine the payment services banking landscape while driving financial inclusion in Nigeria,” he said.
According to Glo, one of the main features of the MoneyMaster product is that the customer’s phone number will be used as the account number.
Glo said the company is grateful to the Central Bank of Nigeria (CBN) for the opportunity to deepen financial inclusion in Nigeria, using its advanced technology and vast network.
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He said the platform became necessary as there were 133.5 million bank accounts in Nigeria as of December 2021, according to figures released by the Nigeria Inter-Bank Settlement System (NIBSS), with just 54 million BVN. recorded as of April 10, 2022.
Glo said PSB started business operations on May 30, 2022, while MoneyMaster PSB was granted a payment services bank license by the CBN on August 27, 2020.
He said the main feature of the MoneyMaster product was that the customer’s phone number would be used as the account number.