Succour for Nigerians as MoneyMaster PSB introduces "G-kala"

…Officials and guests on the occasion 

MoneyMaster PSB, Nigeria's leading payment services bank on Wednesday  
February 8, 2023, officially introduced its market flagship offering, G-Kala, to deepen the financial services accessibility and inclusion in the country.

At a colourful event held at the Lagos Travel Inn, Ikeja, MoneyMaster PSB Managing Director, Demola Elutilo, disclosed that ’G-kala’ was conceived to address the major problem of deepening financial inclusion in the country and also create employment opportunities for Nigerians.

The event, which had in attendance industry stakeholders, regulators, market and trade associations, student union representatives, trade partners, and members of the press among others, also marked the formal launch of the Payment Service Bank (PSB). 

Elutilo assured 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 by taking banking to them.

He revealed that the innovative features of G-kala, are set to revolutionize the Nigerian payment system while adding that it would promote the cashless initiative of the government.

“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.

The Nigeria Interbank Settlement Scheme (NIBSS) also lauded MoneyMaster PSB for introducing G-kala into the Nigerian financial industry to serve the critical mass of people who have not been given the opportunity to enjoy banking services. 

Mr Samuel Oluyemi, General Manager, Business Development, NIBSS, 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 the unbanked population has so much expectation for the payment service banks such as MoneyMaster. He thus 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. 

A statement from the payment services bank  said the product will provide an easy way for people to move and exchange money, access financial information, and make bill payments.

The statement went on to clarify that opening a G-kala account is very easy. All the customer needs to do is dial *995# and then follow the prompts from a Glo line or from any other telecommunications network as MoneyMaster PSB works on any network in Nigeria.

The launch event also had representatives of several markets and trading centers in Lagos, including Ladipo, Mile 12, Computer Village main markets, and student union representatives from the University of Lagos (Unilag), Lagos State University (LASU), and Yaba College of Technology.

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.”

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