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9 Payment Service Bank (9PSB) Launches in Lagos


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9 Payment Service Bank (9PSB) has officially launched its operations in Nigeria. The company, which is owned by telecommunications giant 9 Mobile and is expected to address the challenges of the financially excluded customer segment, says that it will provide innovative solutions to its customers.

In August 2020, the Central bank of Nigeria granted final approval to 9PSB to operate as a “payment service bank” with a mandate to foster inclusion in the Nigerian financial ecosystem.

The approval was in line with the objective of the National Financial Inclusion Strategy established in 2012 to improve financial inclusion across the country.

9PSB’s CEO Branka Mracajac thanked the Chairman, His Highness Emir of Bichi, Alhaji Nasir Ado Bayero and the board of Directors of 9PSB for throwing their weight behind the innovative financial enterprise and laying a solid foundation for 9PSB.

Mracajac said: “Today, we commend the Central bank of Nigeria for the tremendous work they have done to provide Payment Service Banks to leverage on mobile and digital channels to enhance financial inclusion and stimulate economic activities at the grassroots through the provision of financial services.

“It is the duty of us, the financially included people, to influence national economic development, improve welfare, and the general standard of living of everyone, particularly in poverty reduction, employment creation, and wealth generation”.

Ms Mracajac said it was a great honour and responsibility to formally announce the launch of 9PSB, a financial institution committed to raising financial literacy and financial inclusion efforts to many Nigerians currently excluded from financial services.

She said that 9PSB operates simpler, convenient, and reliable channels to conduct financial services. “With ‘Our Bank’, customers can open any account type from the comfort of their mobile phones and devices. There is no need for customers to go through all the conventional procedures of owning a bank account”, she said.

The new chief executive said that 9PSB will deploy a wide distribution network that will serve as a channel for financial education for rural and low-income consumers.

“This will enable them to conduct basic banking services like cash-in and cash-out transactions. At 9PSB, we are aware of infrastructural and geographical coverage limitations over significant parts of populated territory currently. Our key mitigating strategy is to create synergies between agent banking as an important driver of financial inclusion and a superior product mix. We strongly believe that we will address the pain points of the unbanked, the under-banked and the banked Nigerians by offering our compelling products, seamless execution of processes, and excellent customer service.

“Financial innovation plays a unique role in fostering sustainable and equitable growth primarily among the unbanked and underbanked within the rural areas in Nigeria, and I am very optimistic that 9PSB will drive financial innovation, especially among the youth and women across Nigeria. This is our goal at 9PSB. It is also why we are here. It is the difference we are committed to making in the Nigerian financial sector.”

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