9PSB, others advocate stakeholders’ collaboration in deepening financial inclusion

Nigeria’s pioneer Payment Service Bank, 9Payment Service Bank (9PSB) has reiterated that collaboration among operators, players and regulators in the financial services sector is critical to boosting Nigeria’s financial inclusion drive.

The digital bank made the assertion alongside other industry players in the financial services sector at the third edition of The Industry Summit sponsored by 9PSB.

Speaking at the event, with the theme, ‘Financial inclusion, digital payment and the challenges of banking the unbanked,’ the Head, Products and Innovation, 9PSB, Mr Akeem Salam, emphasised that for effective financial inclusion to happen, there must be a concerted effort by all stakeholders in the sector to work together to improve ease of access to financial services.

According to him, though Nigeria is beginning to witness a noticeable effort in the drive to bring everyone on board the financial ecosystem, inclusion is still grossly low, with about 40 per cent of the population either excluded or under-served.

“There is still so much to be done to close this gap and industry players need to find common ground to innovate and deploy strategies particularly around financial literacy and education. At 9PSB, we are committed to partnerships and collaborations that create value and ease for users,” he stated.

In her presentation, the Chief Executive Officer, Financial Training Institution Centre, (FITC), Chizor Malize, while delivering the keynote speech, called for operators to pay close attention to creating financial solutions that meet the needs of the critical mass for which financial inclusion matters.

According to her, “Financial inclusion is the ability to deliver financial services at a cost-effective rate to the unbanked and the under-banked.”

Reaffirming the need to build synergy within the industry ecosystem to drive real impact, she stated that, “Stakeholders must work together to provide low-cost and easy-to-understand products and services for consumers, work on building absolute transparency on bank charges, ensure that services are accessible and there are quick issue resolutions in the case of transactions failure. These are salient to building trust.”

In his remarks, the convener of the summit, Mr Goddie Ofose, commended 9PSB for supporting this year’s event, stating that it reflects the bank’s commitment to promoting initiatives that further the drive for financial inclusion of all Nigerians.