Business Hilights

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MoneyMaster jumps in customer base, promises more innovations

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MoneyMaster Payment Service Bank (MMPSB), a CBN-licensed payment service bank and promoted by Globacom, has been steadily increasing its clientele base across the country. To increase financial inclusion in Nigeria, MoneyMaster PSB primary targets the unbanked and underbanked. Since the bank began operations in May 2022, hundreds of potential clients have been using its digital channels, including USSD, mobile app, and online banking, to create accounts, purchase airtime and data, pay utility bills, and more. As a result, the bank’s clientele has been expanding rapidly.

The PSB’s recent introduction of many technologies and services for the benefit of its consumers nationwide is primarily responsible for this promising growth outlook.

Industry sources claim that an increasing number of Nigerians are opening bank accounts with MoneyMaster PSB in order to take advantage of the bank’s extensive range of services, perform financial transactions with ease, and feel secure about their activities.

According to the sources, the number of billers using the MMPSB platform is currently above 4,000 and is increasing every day. Customers can use the platform to pay for a variety of necessary services, including cable subscriptions, airtime, data, and purchase power.

As the MMPSB continues to retool and reengineer for a better customer experience, both new and existing customers are in for an exciting time. To thrill clients, a number of new projects are also scheduled to be introduced soon.

In August 2020, the Central Bank of Nigeria (CBN) granted a license to MoneyMaster PSB. By virtue of their licenses, payment service banks are able to process payments and remittances within Nigeria, take deposits from private citizens and small companies, issue debit and prepaid cards, run electronic wallets, process remittances from abroad, and perform other services in compliance with CBN guidelines.

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