“G-kala”, the flagship product of leading Payment Service Bank, MoneyMaster PSB, was on Wednesday February 8, 2023, introduced to deepen financial inclusion in the country and serve the interest of the under-banked and unbanked population.
The occasion was at a special stakeholder event organised by MoneyMaster, which had in attendance regulators, market and trade associations, student union representatives, trade partners, and members of the press.
Managing Director of MoneyMaster PSB, Demola Elutilo, explained that ’G-kala’ was set to deepen financial inclusion as well as create hundreds of thousands of new job opportunities for Nigerians. He assured that ‘G-kala’ will bring a huge number of the unbanked populace into the financial system of the country.
“The operations of MoneyMaster PSB will empower many Nigerians financially and bring, most especially, people in the rural areas into the banking system”, he said.
He revealed that the innovative features of G-kala, are set to revolutionize the Nigerian payment system while adding that it would advance the cashless economy initiative being canvassed by the federal government and bring millions of people in urban and rural areas into the financial community.
“ 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 revealed.
The Nigeria Interbank Settlement Scheme (NIBSS) commended MoneyMaster for taking on the challenge to address the need of the unbanked and under-banked segment of the population. Its General Manager, Business Development, Mr Samuel Oluyemi, who spoke at the event, disclosed that NIBSS had worked with MoneyMaster PSB from the onset to ensure a seamless integration with the countrywide banking system and serve customers better. He added that the payment service bank was a great plus to promoting financial inclusion and widening the scope of banking services provision 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 and exchange money, access financial information, and make bill payments.
The process has been made simple to open a G-kala 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 set up to work on any network in Nigeria.
The launch event also had in attendance, 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.”