Globacom’s frontline Payment Service Bank, MoneyMaster PSB, has unveiled its market offering and flagship product, G-Kala.
The product was launched on Wednesday at a bespoke event attended by stakeholders including regulators, market and trade associations, student union representatives, trade partners, and the media press.
Speaking at the Lagos Travel Inn venue of the event, Managing Director of MoneyMaster PSB, Mr. Demola Elutilo said that G-Kala will increase financial services accessibility as well as deepen financial inclusion and create new job opportunities in the country.
He explained that ‘G-kala’ will attract a huge number of the unbanked populace into the financial system of the country, adding that the operations of MoneyMaster PSB would empower many Nigerians financially and bring, most especially, people in the rural areas, into the banking system.
The innovative features of G-kala, he noted, will equally revolutionize the Nigerian payment system and advance the cashless economy initiative of the federal government while bringing millions of people in urban and rural areas into the financial community.
According to him, “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 onboarding 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.”
The General Manager, Business Development, at Nigeria Interbank Settlement Scheme (NIBSS), Mr. Samuel Oluyemi, lauded MoneyMaster PSB for introducing G-kala into the Nigerian financial services space. Having worked with MoneyMaster PSB from the beginning to ensure a seamless integration of its services with the countrywide banking system, he disclosed that the payment service bank is a great plus to promoting financial inclusion and widening the scope of service providers across the country.
He advised the management of MoneyMaster PSB to seize the initiative of fast deployment of services to address the needs of the critical unbanked and under-banked segment of the population, adding that there was so much expectation from the unbanked population across the country for the services of payment services banks.
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 the customer needs to do is dial *995# then follow the prompts from a Glo line or from any other telecommunications network as MoneyMaster PSB is provisioned to work with any network.
Guests at the event included representatives of several markets and trading centers in Lagos including Ladipo, Mile 12, Computer Vilage main markets, and student union representatives from University of Lagos (Unilag), Lagos State University (LASU), and Yaba College of Technology.
Doyin Fayemi, a student at the event reacted to 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 all of these right now on my phone. G-kala clearly brings a lot of convenience.”