Globacom Engages 100,000 Agents across Nigeria

In order to deppen financial inclusion through its MoneyMaster Payment Service Bank (PSB, Telecommunications operator, Glo, has said it will be engaging over 100,000 agents across Nigeria.

Announcing the commencement of operation of the business in Lagos, it said Moneymaster will be leveraging mobile phones, PoS, and the web to provide financial services to millions of Nigerians that are out of the financial system. 

According to the company, Moneymaster’s launch completes the entry of all mobile network operators in Nigeria into the financial services business through their subsidiaries.  

It recalled that in 2020, the Central Bank of Nigeria (CBN) gave Glo the final approval to operate Nairametrics as a PSB alongside 9PSB and Hope PSB, adding that subsequent approvals later this year saw MTN MoMo and Airtel Smartcash getting the same license. 

While noting that close to 50% of Nigerians do not currently have access to banking services, Glo said the PSB is geared towards a 95% financial inclusion target by 2024 set by the CBN. 

Speaking at the unveiling of the business at an event tagged ‘Pushing the Frontiers’, Globacom’s Head of Enterprise Business, Zakari Usman, said: “We all know the financial inclusion challenges Nigeria is facing. As we speak right now, the inclusion rate is around 50%, which means that close to 49.5% of adult populations don’t have formal banking services, and to compound the matter, 82% of Nigerians are currently receiving income their income in cash.  

“This is why the CBN came up with the concept of a payment service bank in order 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.”