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.