MoneyMaster PSB, initiated by Globacom, a digital services company, has announced 8 percent annual interest on G-Kala’s savings account.
Globacom initiated MoneyMaster PSB in order to promote the culture of saving among its existing customers as well as to promote financial inclusion among the unbanked and the under-banked population, according to a statement on Thursday.
“Both new and existing G-Kala savings account owners will enjoy an 8 percent interest rate per annum for all deposits made into their G-Kala savings account,” MoneyMaster PSB said.
According to the statement, G-Kala is a product specially designed for the benefit of underserved customers who may not have easy access to banks or those who prefer to bank at their own convenience.
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“G-Kala enables them to operate their banking services including deposit, withdrawals, transferring money to other banks, airtime purchase, as well as pay bills such as electricity, water, DSTV, etc. on their phones without having a need for internet,” it said.
It also explained that G-Kala offers a convenient and safe alternative for banking transactions anywhere and anytime as it works in real-time, making it safer, faster, more convenient, and cheaper than traditional money transfer services.
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“Customers must ensure not more than a maximum of three withdrawals is carried out in a month to enjoy the 8 percent interest. The interest amount will be calculated and credited monthly,” MoneyMaster PSB said.
MoneyMaster PSB said through this plan, it hopes to sensitise and encourage potential customers on the essence of cashless banking. “This is an exciting opportunity for all to open a G-Kala account with MoneyMaster PSB, deposit money in the wallet, and enjoy an 8 percent interest rate per annum.”