Foremost Digital Services Company, Globacomm has officially announced the commencement of operation by its Payment Service Bank, MoneyMasterPSB at an event titled “Pushing The Frontiers”, held on October 6, 2022, in Lagos



With the takeoff of MoneyMaster PSB, the Federal Government’s drive toward financial inclusion in Nigeria has received a significant boost.

“Our over-arching business objective remains to empower Nigerians by providing them with unlimited opportunities. MoneyMaster extends that objective as it targets the unbanked and under-banked with G-Kala its flagship product in order to deepen financial inclusion in Nigeria.” said Globacom in a press statement in Lagos on Monday.

The Central Bank of Nigeria (CBN) granted a payment service bank license to MoneyMaster PSB on August 27, 2020. By virtue of the PSB licenses, MoneyMaster PSB s expected to facilitate payment and remittance services within Nigeria, accept deposits from individuals and small businesses, issue debit, and prepaid cards, operate electronic wallets, inbound remittances, and carry out other services in line with CBN regulations. However, they cannot grant loans like commercial banks.

With this development, MoneyMaster PSB will leverage effectively on the nationwide spread of national telecommunications company, Globacom, thus rolling out its services massively across the nook and crannies of the country,



Reiterating the readiness of MoneyMaster PSB to redefine the payment service banks’ landscape while driving financial inclusion in Nigeria. Globacom said, “One key feature of MoneyMaster’s G-kala product is that the customer’s phone number will be used as his or her account number,” the statement continued. “We are grateful to the CBN for the opportunity to deepen financial inclusion in Nigeria using our cutting-edge technology and vast network.”



With the Nigeria Inter-Bank Settlement System (NIBSS)’s statistics of 133.5m bank accounts in Nigeria as of December 2021, alongside 54 million BVNs registered in April 10, 2022, there is a huge gap of about 79m Nigerians, thus giving MoneyMaster and other PSB’s the opportunity to incorporate these unbanked and under-banked citizens into the nation’s financial services ecosystem.



To open an account, all the customer needs to do is dial *995# and then follow the prompts from a Glo line or from any other telecommunications network as MoneyMaster PSB is network agnostic.

A businessman, Kevin Ajenifuja, has dragged Nigeria’s business magnate Aliko Dangote to a US Court, accusing him of drugging, raping his wife and psychological manipulation with intention of stealing his trade secrets.

According to a report by Peoples Gazette, Ajenifuja said he had developed the technique and process of a sector exchange-traded funds for Africa in June 2004, after over 10 years of research.

In a lawsuit filed by the businessman on August 2, 2019, Alhaji Dangote allegedly made arrangements on how Mr Ajenifuja’s 22-weeks pregnant wife was drugged and how young men slept with her with the intention of stealing his trade secrets.

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Ajenifuja alleged that Alhaji Dangote connived with some World Bank Group employees, precisely on February 8, 2010, to invite his then wife to a meeting at a Catholic mission in Washington, D.C., area where she was allegedly given illicit drugs.

It was alleged that opioid medications were given to his wife on a regular basis, which she became addicted to.

She subsequently engaged in extramarital affairs with young men near Washington, and the troubling situation was subsequently used to blackmail her into turning against her husband until she handed over his trade secrets to Dangote.

The World Bank denied the allegations and the court rejected Mr Ajenifuja’s lawsuit because it was statute barred.

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While Africa’s richest man’s alleged actions caused issues between the plaintiff and his wife, Dangote resigned as the President of the Nigerian Stock Exchange in 2014, a year before the expiration of his term, “to conceal his involvement,” the lawsuit said.

Dangote took many by surprise in 2014 when he announced his intention to step down as the president during the 53rd annual meeting of the NSE held in Lagos, making him the first to step down before the end of his term.

A Kano State High Court has ordered a retrial of Kano singer, Yahya Sharif sentenced to death by hanging by an upper shariah court for Blasphemy because of procedural errors and irregularities at the lower court.

The court also discharged and acquitted Omar Faruk who was sentenced to 10 years imprisonment for being a minor and without legal representation.

An Upper Shariah Court handed down the sentences on the duo on August 10, 2020. Both judgments were appealed against and taken to the Kano State High Court.

The court has ordered the retrial of Yahya Sharif at the upper shariah court with a legal representation of his choice.

Justice Nasiru Saminu said that the retrial order is based on the prophetic tradition that says Suspend capital punishment if in doubt’.

Attorney general of Kano state Lawal Musa described the judgement as a victory for justice in Kano state.