Frontline Payment Service Bank, MoneyMaster PSB on Wednesday February 8, formally launched its market offering and flagship product, G-Kala at a special stakeholder event that included regulators, market and trade associations, student union representatives, trade partners, and members of the press among others.
At the event held at Lagos Travel Inn, Ikeja, Lagos, MoneyMaster PSB Managing Director, Demola Elutilo, explained that ’G-kala’ was set to deepen financial inclusion and create new job opportunities in Nigeria.
He assured them that ‘G-kala’ will bring a huge number of the unbanked populace into the financial system of the country.
According to him, the operations of MoneyMaster PSB would empower many Nigerians financially and bring, most especially, people in the rural
areas into the banking system.
Elutilo revealed that the innovative features of G-kala, is set to revolutionize the Nigerian payment system while adding that it would advance the cashless economy initiative of the federal government and bring millions of people in urban and rural areas into the financial
“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”, he said.
Mr. Samuel Oluyemi, General Manager, Business Development, Nigeria Interbank Settlement Scheme (NIBSS), who spoke at the event, lauded MoneyMaster PSB for introducing G-kala. He disclosed that 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,
He revealed that there was so much expectation from the unbanked population across the country for the services of payment services banks and called on MoneyMaster PSB to seize the initiative of fast deployment of services to address the needs of that critical segment of the population.
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 network agnostic.
The launch event 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). One of the students who was present, Doyin Fayemi, 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 this right now on my phone. G-kala clearly brings a lot of convenience.”