9PSB operations to deepen financial inclusion
Emerging Markets Telecom Services (EMTS), operators of 9Mobile has ventured into the Payment Service Bank (PSB) sector principally to deepen financial inclusion agenda of the Central Bank of Nigeria (CBN) with the launch of 9PSB in Lagos.
The introduction of 9PSB into the Nigerian financial services sector is aimed at capturing over 50 percent of Nigerians that are outside the banking system.
“It is a great honour and responsibility to formally announce the launch of 9PSB, which is a financial institution committed to raising the bar in financial inclusion and literacy to many Nigeria currently excluded from financial services.
“9PSB is the first payment service bank designed to fund financial services in Nigeria by providing creative and market driven solutions and address the need of the financially excluded people,” said Branka
Mracajac, the CEO of 9PSB.
According to her, it is the duty of financial included individuals to influence national economic development in order to improve welfare and standard of living, particularly in poverty reduction, employment creation and wealth generation.
Mracajac opined that 9PSB operates simple, convenient and reliable channels to conduct financial services. “With our bank, customers can open any account they like from the comfort of their mobile phones and computer devices.
“There is no need for customers going through all the convention procedures of opening a bank account with 9PSB. 9PSB will be deployed as a channel for financial education for rural and low income consumers,” said Mracajac.
According to her, financial innovation plays a sustainable role in fostering sustainable and equitable growth, primarily among the unbanked and underbanked within the rural areas in Nigeria. “9PSB will drive financial inclusion in Nigeria especially among the youths and women across Nigeria, that is our goal at 9PSB. It is the difference we are committed to make in the Nigeria financial sector”.
Nasir Ado Bayero, the emir of Bichi and chairman of 9PSB board, said the operation of 9PSB will stimulate sayings and investment from the informal sector into mainstream banking sector.
The Central Bank of Nigeria (CBN) recently approved the operation of 9PSB to commence operation in the Nigeria financial ecosystem. The payment service banks upon operation are expected to provide daily service banking by leveraging mobile banking and digital channels in enhancing financial inclusion to stimulate economic activities at the grassroot level.
PSBS are lincened to conduct basic banking services such as cash in and cash out transactions. To this end, 9PSB key mitigating strategy is to create synergies between agent banking as an important driver of financial inclusion and the superior product mix offering.