Glo Joins MTN and Airtel in Starting Banking Service, as CBN gives approval

Glo Joins MTN and Airtel in Starting Banking Service, as CBN gives approval

  • Globacom, one of Nigeria's four biggest telecommunication companies, has announced it will begin banking operation
  • Just like its counterparts, MTN and Airtel, it will now be easier for Nigerians who currently have no bank account to be part of the banking population
  • CBN two years ago issued Glo payment service bank, MoneyMaster banking operation license

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Globacom, one of the largest telecom operators in the country, launched its payment service bank (PSB) two years after it secured the license.

Punch reports that the payment subsidiary, MoneyMaster Payment Service Bank, will provide financial services to millions of currently unbanked Nigerians.

Its service will be similar to MTN MoMo and Airtel's Smartcash, which started operations in 2022.

Glo starts payment service bank
Mike Adenuga is the CEO of Globacom Credit: dailytrust
Source: Getty Images

Service of Glo payment bank

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According to ThisDay, Glo's MoneyMaster will facilitate payment and remittance services within Nigeria, accept deposits from individuals and small businesses, and issue debit and prepaid cards.

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It will also operate electronic wallets and inbound remittances and carry out other services in line with CBN regulations.

It, however, cannot grant loans like commercial banks.

The Central Bank of Nigeria (CBN) approved Globacom’s PSB license application on 27 August, 2020, alongside 9Mobile and Unified Payments.

A statement from the company reads:

“Our overarching business objective remains to empower Nigerians by providing them with unlimited opportunities. MoneyMaster extends that objective as it targets the unbanked and under-banked with G-Kala, its flagship product, in order to deepen financial inclusion in Nigeria."

It added that the company’s nationwide reach will provide opportunity for MoneyMasterPSB to extend its services to different parts of the country, thus extending financial services to the largely unbaked rural populations who have over the years been left out.

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How can customers operate

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.

Globacom said:

"MoneyMasterPSB is ready to provide top notch services that will redefine the payment service banks’ landscape and further help to drive financial inclusion in Nigeria."

Telecom companies reject enforcement of excise duties by FG

In a similar development, telecom associations and companies at a forum with the federal government rejected the implementation of the excise duties on the sector.

Telecom subscribers are now expected to pay 5% excise duties in a bid to raise revenue for the federal government.

It was gathered that the decision was necessary following the recent state of the economic downturn in the country.


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