The MoneyMaster Payment Service Bank (MMPSB), established by Globacom, has upped the game for its G-Kala savings accounts’ holders with the announcement of 8.0 per cent annual interest on their savings accounts with the bank.
The novel plan is being put in place by the payment service bank (PSB) to encourage the culture of savings among new and existing customers of the bank and promote financial inclusion in the country.
According to a statement that was issued by the bank in Lagos, “both new and existing G-Kala savings account owners will enjoy 8.0 per cent interest rate per annum for all deposits made into their G-Kala savings account.”
However, the customer “must ensure that not more than three withdrawals are carried out in a month. The interest amount will be calculated and credited monthly,” the statement added.
The bank hoped to use this incentive to drive the adoption of cashless banking among potential customers who could log on to its website for a convenient and seamless account opening experience.
“This is an exciting opportunity for all to open a G-Kala account with MoneyMaster PSB, deposit money on the wallet and enjoy 8.0 per cent interest rate per annum,” the statement added.
The bank said that the G-Kala is a specially designed product for customers who might not “have easy access to banks and also the unbanked population.
“G-Kala brings the benefits of banking to their phones through the USSD, which eliminates the need for internet. It enables them to deposit, withdraw money, send money to other banks, buy airtime as well as pay bills such as electricity, water, DSTV, etc.
“It offers a convenient and safe alternative for banking transaction anywhere and anytime as it works real time, making it safer, faster, more convenient and cheaper than the traditional money transfer services.”