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Glo Introduces Moneymaster PSB, to Hire 100,000 Agents

Glo Introduces Moneymaster PSB, to Hire 100,000 Agents

Posted: October 12, 2022 at 7:36 pm   /   by   /   comments (0)

Over 100,000 agents will be hired by Moneymaster, a Globacom subsidiary that offers payment services, to further financial inclusion in Nigeria.

Glo announced the launch of the company in Lagos and stated that Moneymaster would use mobile devices, point-of-sale systems, and the internet to offer financial services to millions of Nigerians who had previously been shut out of the financial system.

Keep in mind that in 2020, the Central Bank of Nigeria (CBN) gave Globacom’s Moneymaster the go-ahead to function as a PSB alongside 9PSB and Hope PSB. MTN MoMo and Airtel Smartcash were granted similar licenses this year as a result of subsequent approvals.

Glo stated that the PSB sought to help meet the CBN’s 95% financial inclusion target by 2024, despite the fact that about 50% of Nigerians now lack access to banking services.

Globacom’s Head of Enterprise Business, Zakari Usman, stated during the business’s unveiling at an event dubbed “Pushing the Frontiers,” “We all know the issues Nigeria is facing in terms of financial inclusion. Currently, the inclusion rate is around 50%, which means that nearly 49.5% of adult populations do not have access to formal banking services. To make matters worse, 82% of Nigerians currently receive their income in cash.

“This is why the CBN came up with the concept of a payment service bank to help achieve financial inclusion. So, as Moneymaster, what we are bringing to the market is a simple solution, ‘G-Kala’, which turns your phone into your wallet. With the ‘G-Kala’, you can receive cash from any mobile app, you can move money to other accounts.”

“We are going to build a well-spread agent network across Nigeria with over 100,000 agents. We are also going to deploy kiosks across the country. As we speak now, thousands of kiosks are ready to be deployed. Our agents stand a chance to get additional revenue as they get SIM activation, registration incentive, and transaction incentive.”

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