Glo Targets 100,000 Agents as MoneyMaster Payment Service Takes Off

Telecommunications giant Globalcom to engage 100,000 agents across Nigeria as its payment service ‘MoneyMaster’ is set to begin operation. 

In a press statement released in Lagos, the leading network provider disclosed that more than 100,000 agents across Nigeria will be engaged to deepen financial inclusion through its MoneyMaster Payment Service Bank (PSB).

It could be recalled that Globacom’s MoneyMaster was granted a payment service bank licence by the Central Bank of Nigeria (CBN) in 2020. 

Announcing the launch last Friday, Globacom said the PSB is expected to facilitate payment and remittance services within Nigeria, accept deposits from individuals and small businesses as well as issue debit and prepaid cards.

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 percent of adult populations don’t have formal banking services, and to compound the matter, 82 percent of Nigerians are currently receiving their income in cash”.

Zakari added that the company will deploy thousands of kiosks across the country. 

“We are also going to deploy kiosks across the country. As we speak now, thousands of kiosks are ready to be deployed” he stated.

Similarly, the telecom company added that MoneyMaster would also operate electronic wallets, inbound remittances and carry out other services in line with CBN regulations.

Investors King learnt that 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 statement, MoneyMaster customers will be able to use their phone number as their account number. 

To open an account, all intending customers are advised to dial*995# and then follow the prompts from a Glo line or any other telecommunication network.