The Central Bank of Nigeria (CBN) has granted final approval to Nigeria’s lifestyle and first payment service bank, 9PSB (Payment Service Bank), to commence operations in fostering financial inclusion drive in the Nigerian ecosystem.
The apex bank’s approval is to reduce the challenges encountered by bank customers such as regular long queues in the banking halls, consistent network failure, stringent documentation to assess credit facilities, frequent transaction/dispensing error, delay in transaction completion and process among others.
Speaking on the vision of 9PSB’s entrant into the Nigerian financial sector, the CEO of 9mobile, Mr Alan Sinfield, stated that there’s a huge potential in the market and 9PSB is strategically positioned to expand its operations into financial services.
He said, “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 payments solution while also pushing for a fintech license. We are delighted that we have now secured finale approval for a Payment Service Bank.”
In his own reaction, the CFO of 9mobile, Mr Phillips Oki, stated that “The financial inclusion that 9PSB will provide will be an enabler to achieving unparalleled benefit in everyday transactions. The *990# allows Nigerians to perform all financial transactions including utility payment from the comfort of their phones and homes on any mobile network at no charge.
“With a large network of agents strategically located in both urban and rural communities, 9PSB is going to make sending and receiving money possible, easier, 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 facilitate sending remittances across the country from one user to another, bypassing the banks. Furthermore, 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.
According to a survey conducted by the Enhancing Financial Innovation and Access (EFInA) in 2010, it indicated that over 54 million Nigerians above the age of eighteen are either served by informal institutions or are totally unbanked.
In October 2012, the CBN introduced the National Financial Inclusion Strategy (NFIS) to provide Payment Service Banks across Nigeria with the aim of breaking the traditional barrier preventing financial inclusion and promoting low cost, secure and convenient financial services across the country.
YOU SHOULD NOT MISS THESE HEADLINES FROM NIGERIAN TRIBUNE
CBN Pegs Exchange Rate At 386/$
Central Bank of Nigeria (CBN) has pegged naira exchange rate at 386 units to the United States dollar as it plans to resume weekly forex sales to Bureau de Change operators from August 31. In a circular signed by O.S. Nnaji, director of trade and exchange department, the apex bank said its decision to resume FX sales to BDCs is to enhance accessibility to forex “particularly to travellers” since the resumption date for international…9PSB gets final approval 9PSB gets final approval
Council Of State Pardons Ex-Gov Ambrose Alli, Three Others
The Council of State has ratified the presidential pardon extended to late former Bendel State Governor, Prof. Ambrose Alli and three others. The meeting presided over by President Muhammadu Buhari at the presidential villa, Abuja on Thursday also ratified the pardon granted to Col Moses Effiong, Major E.J Olarenwaju and…9PSB gets final approval 9PSB gets final approval
Blasphemy: I Will Not Hesitate To Sign Death Warrant If Yahya Sharif Fails To Appeal, Says Ganduje
Kano State governor, Abdullahi Umar Ganduje, has said he would not hesitate to sign the death warrant passed on Kano-based singer, Yahya Aminu Sharif if he fails to appeal the judgment. This was just as governor Ganduje said the state government has accepted the judgement passed on Sharif and is ready to abide by it. However, the Nigerian constitution gives the right of appeal to Shariff…9PSB gets final approval 9PSB gets final approval
The Crusader has cautioned Dame Patience Jonathan against speaking on behalf of her husband regarding…
Presenting the motion, the Deputy Speaker of the House, Hon. Abiodun Fadeyi, revealed that hotels…
Preliminary findings suggest that the driver arrived at the wellhead with the vacuum truck —…
Professor Egbewole assured that more efforts would be made to justify this recognition. He extended…
Dr. Omokaro expressed hope that the new law would create a strong framework to meet…
“Truly, this country was badly mismanaged. The economy was badly mismanaged. This is not to…
This website uses cookies.