Business
With ‘G-Kala’ your phone number is your account number – MoneyMaster PSB
Frontline Payment Service Bank, MoneyMaster PSB on Wednesday, February 8, formally launched its market offering and flagship product, G-Kala at a special stakeholder event that included regulators, market and trade associations, student union representatives, trade partners, and members of the press among others.
At the event held at Lagos Travel Inn, Ikeja, Lagos, MoneyMaster PSB Managing Director, Demola Elutilo, explained that ‘G-kala’ was set to deepen financial inclusion and create new job opportunities in Nigeria.
He assured them that ‘G-kala’ will bring a huge number of the unbanked populace into the financial system of the country.
According to him, the operations of MoneyMaster PSB would empower many Nigerians financially and bring, most especially, people in rural areas into the banking system.
Elutilo revealed that the innovative features of G-kala is set to revolutionize the Nigerian payment system while adding that it would advance the cashless economy initiative of 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 said.
Mr. Samuel Oluyemi, General Manager, Business Development, Nigeria Interbank Settlement Scheme (NIBSS), who spoke at the event, lauded MoneyMaster PSB for introducing G-kala. He disclosed that NIBSS had worked with MoneyMaster PSB from the beginning to ensure seamless integration with the countrywide banking system. He added that the payment service bank is a great plus in promoting financial inclusion and widening the scope of service providers 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, more convenient, and more reliable channels for customers to conduct financial services. It will provide an easy way for people to move money, access financial information, and make bill payments. To open an account, all prospective customers need to do is dial *995# regardless of their network then follow the prompt to open a G-Kala wallet.
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 (YabaTech). One of the students who were present, Doyin Fayemi, reacted to the launch by 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 conveniences.”
Business
Nigeria’s GDP rate grew by 3.46% in Q3 2024, says NBS
The National Bureau of Statistics (NBS) says Nigeria’s annual gross domestic product (GDP) grew by 3.46 percent in the third quarter (Q3) of 2024.
The NBS, in its GDP report published on Monday, said the growth rate is higher than the 3.19 percent recorded in Q2 2024.
Business
Dangote refinery reduces ex-depot price of petrol to N970 for oil marketers
The Dangote Petroleum Refinery has announced a reduction in its ex-depot price of premium motor spirit (PMS), also known as petrol, to N970 per litre for oil marketers.
This is a cut from the refinery’s N990 ex-depot price announced earlier this month, according to a statement on Sunday.
The slash would help marketers save about N20 on each litre of petrol bought from the Lekki-based plant.
Anthony Chiejina, Dangote Group’s chief branding and communications officer, said the move is the refinery’s way of appreciating Nigerians “for their unwavering support in making the refinery a dream come true”.
“In addition, this is to thank the government for their support as this will complement the measures put in place to encourage domestic enterprise for our collective well-being,” the statement reads.
“While the refinery would not compromise on the quality of its petroleum products, we assure you of best quality products that are environmentally friendly and sustainable.
“We are determined to keep ramping up production to meet and surpass our domestic fuel consumption; thus, dispelling any fear of a shortfall in supply.”
Business
Allegation of missing fund untrue, says Access Bank
Access Bank Limited has dismissed as untrue allegations of missing fund and unethical behaviour.
The Bank in a statement said: “Our attention has been drawn to a video on social media wherein allegations of missing funds and unethical behaviour have been made against Access Bank PLC.
“First and foremost, we wish to emphasise that the safety and security of our customers’ funds are core priorities which we take seriously. Second, Access Bank Plc does not engage in or condone any unethical behaviour.
“In the instant case, the allegations of missing funds in the Bank are most untrue and baseless.
“There is no N500million or any other fund or amount missing from the subject customer’s account or from any other customer’s account with us.
“We and other independent stakeholders in the banking industry have thoroughly investigated these allegations and independently arrived at the same conclusions.
“Access Bank PLC operates with the highest ethical standards, and we protect our customers’ interests whilst also respecting privacy laws.
“Consequently, whilst we have engaged and will continue to engage with our customers, we must advise the public not to rely on or believe sensational and unverified claims that are designed to titillate and mislead the public.
“We remain committed to serving our customers.”
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