MoneyMaster Payment Service Bank (MMPSB) has introduced an eight per cent yearly interest for its G-Kala savings account holders. This is being done by the bank to promote financial inclusion culture in the country and encourage savings culture among new and existing customers.

The bank, promoted by Globacom, disclosed in a statement that “both new and existing G-Kala savings account owners will enjoy eight per cent interest rate per annum for all deposits made into their G-Kala savings account”.

This benefit, however, comes with a proviso that the customer “must ensure not more than a maximum of three withdrawals is carried out in a month”. The interest amount will be calculated and credited monthly, the bank said. MoneyMaster PSB is working to use this incentive to encourage the adoption of cashless banking among existing and potential customers.

It said new customers can 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 in their wallets and enjoy an eight per cent interest rate per annum,” the statement added.