24.5 C
Lagos
Sunday, September 20, 2020
- Advertisement -

9mobile Payment Service Bank Gets CBN licence

Opinion

Osunkeye: An Accounting Doyen Turns 80 – By Tokunbo Abiru

Today, we are celebrating a leading light, role model, mentor, an industry icon and man of integrity as he turns 80. He...

Ibiyeomie Not Different From Those Seeking Death Of Kano Musician For Blasphemy – By Fredrick Nwabufo

We have to face up to the truth; the truth about Christian fundamentalism. The church today has been sculpted in the image...

What If Femi Fani-Kayode, Mr Short Fuse, Was Buhari? By Fredrick Nwabufo

Femi Fani-Kayode makes conceit solemn. He is the sui generis of narcissism. His arrogance dovetails with his foul temper and cutting tongue....

When God’s Grace is Upon a Man – By Tunji Fagbohun

The attitude of the average electorate to a candidate can be easily measured by how they respond to his or her political...

Nigeria’s central bank has approved a national financial services licence for 9PSB (Payment Service Bank), a subsidiary of 9mobile. The telecommunications company said that its *990# payment service banking platform would help drive financial inclusion in Nigeria’s ecosystem.

It said that CBN’s approval to 9PSB would also save bank customers from long queues in banking halls, consistent network failure, stringent documentations to access credit facilities and frequent transaction/dispensing error, among others.

Alan Sinfield, 9mobile’s Chief Executive Officer, said there was a huge potential in the market and 9PSB was strategically positioned to expand its operations into financial services.

“We are happy to be the first Payment Service Bank to provide all Nigerians with access to banking services and open up a digital world of possibilities to improve everyday lives.

“We know that this new development will further improve the country and the people going forward.

“In 2018, 9mobile partnered with UBA to roll out 9Pay, a mobile payment solution while also pushing for a fintech license.

“We are delighted that we have now secured final approval for a Payment Service Bank,” Sinfield said.

9mobile’s Chief Financial Officer, Mr Phillips Oki said: “The financial inclusion that 9PSB will provide will be an enabler to achieving unparalleled benefit in everyday transactions.”

Mr Oki said that the short code *990# will enable Nigerians to perform all financial transactions including utility payments from their mobile phones provided there is an accessible netowrk.

Oki said that the firm would leverage its large network of agents strategically located in both urban and rural communities, 9PSB would make sending and receiving money seamless and less stressful for all Nigerians.

“9PSB is also available on mobile App and internet banking for ease of banking and simplicity. Over the coming weeks, 9PSB will unveil its products and services to Nigerians.

“9PSB will no doubt bring relief to all Nigerians. This is because Payment Service Banks facilitates sending remittances across the country from one user to another, bypassing the banks.

“Also, 9PSB will reach the people at the bottom of the pyramid to facilitate financial inclusion especially in the rural setting and increase financial payment in Nigeria,” he said.

Oki recalled that a survey conducted by the Enhancing Financial Innovation and Access (EFInA) in 2010 indicated that over 54 million Nigerians above the age of 18 were either served by informal institutions or totally unbanked.

He said that in October 2012, the CBN introduced the National Financial Inclusion Strategy (NFIS) to provide Payment Service Banks across Nigeria.

Oki said that the aim of introducing the NFIS was to break the traditional barrier preventing financial inclusion and promoting low cost, secure and convenient financial services across the country.

- Advertisement -

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisement -

Business Profiles

Okechukwu Ohanta

Okechukwu Ohanta is the Sub-Surface Manager at Tenoil Petroleum and Energy Services. Mr Ohanta is responsible for the company's subsurface studies, formation...

Chukwunonye Emenalo

Chukwunonye Emenalo is a lecturer of financial management at Lagos Business School. His teaching interests are in financial management/corporate finance. His research...

Oyewale Ariyibi

Oyewale Ariyibi is the Chief Financial Officer at FBN Holdings Plc. Before this appointment, he was Chief Finance Officer at Transnational Corporation...

Dada Awosika

Dada Awosika is the Managing Partner of D.A Awosika & Partners LLP. He started his Legal Practice in 1996 at the law...

Olamide Edun

Olamide joined Lion’s Head Global Partners in 2017 and is a member of the African Local Currency Bond Fund team, focussed on...