9PSB, a lifestyle, digital Payment Service Bank has officially launched to provide banking services to Nigerians.
To be driven by a vast network of agent-banking system, 9PSB targets over 6million customers in its first year of operation, an exercise 9PSB described as the beginning of “the race to revolutionise the financial sector.
The launch follows on the heels of the recent Central Bank of Nigeria (CBN) approval to 9PSB to commence operations in the Nigerian financial ecosystem in line with the objective of the National Financial Inclusion Strategy (2012) to improve financial inclusion across the country.
Owned by the 9mobile telecom network though with an independent board, the Payment Service Banks will leverage mobile and digital channels to enhance financial inclusion and stimulate economic activities at the grassroots through the provision of financial services.
While welcoming prospects to what the CEO described as “the future, a new normal where everyone with a mobile phone can conduct banking transactions literally at their fingertips”, she said, “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”.
Highlighting the that 9PSB is designed to make a difference in the Nigerian financial sector, Mracajac added, “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”.
Speaking on the 9PSB’s products, Femi Balogun, Manager, Products & Services disclosed that 9PSB is out to sell value, convenience, simplicity and innovation. The products include – Naira Instant, transact and earn instant cash-back on your transactions; and Naira Save, a customer can lock-in his fund for 60 or 90 days to earn interest.
Adetutu Oyerinde, 9PSB sees the approach as a more coordinated approach to limited human contact especially in banking.
A drama sketch which preceded a discussion panel session pointed out the obvious need for a more grassroot oriented banking services owing to personal conviction, lifestyle orientation, tight schedules and education among others.
The panel established that the effort is a creative solution and excellent opportunity by the company to serve 59million unbanked Nigerians in line with the CBN’s 95% financial inclusion target for 2024.
It however, noted that education, communication and trust have to be built into the system for the anticipated success in driving financial inclusion.
