Globacom’s Payment Service Bank Primed to Boost MSME Ecosystem in Nigeria
Nigeria stands a better chance of actualising its 2024 financial inclusion target and boosting the micro, small and medium enterprises (MSMEs) ecosystem, as Globacom’s Money Master joins the emerging league of payment service bank (PSB) providers in days ahead.
In a bid to grow the number of financially included people, the Central Bank of Nigeria (CBN) had released an exposure draft in October 2018 in which it proposed Payment Service Banks aimed at deepening financial inclusion in Nigeria. Globacom’s entry into the league of PSB providers explains the priority attached to the matter.
The CBN in 2020 gave an official nod to telecommunication operators’ (telecos’) push to offer mobile money services after the apex bank had issued Approval-in-Principle (AIP) to three subsidiaries in September 2019. The three firms were Hope PSB, a subsidiary of Unified Payment, Globacom’s Money Master and 9Mobile’s 9PSB.