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 ecosystem.
It is owned by mobile giant 9Mobile.
This is expected to help ease the challenges of long queues in the banking halls, consistent network failure, stringent documentation to assess credit facilities and frequent transaction/dispensing error, delay in transaction completion, and process among others.
Speaking on the vision of 9PSB’s entrant to the financial sector, 9mobile CEO Alan Sinfield, stated that there was 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 Nigerian bank, UBA to roll out 9Pay, a mobile payment solution while also pushing for a fintech license.
“We are delighted that we have now secured finale approval for a Payment Service Bank.”
The CFO of 9mobile, Mr. Phillips Oki, said: “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.”
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 convenient financial services across the country.