9PSB Opens New vista in Nigerian Banking Sector

By November 28, 2020 NEWS

*Targets 6 million subscribers in its first year of operation

In its resolve to provide creative and market-driven financial services solutions to its customers, Nigeria’s first digital lifestyle bank, 9PSB, has berthed to deliver financial literacy and inclusion to unbanked and underbanked Nigerians.

The epoch-making event, which took place at the Lagos Continental Hotel, also culminated in the unveiling of 9PSB’s slogan, tagged, ‘Our Bank’.

Designed to operate simpler, convenient and more reliable channels for customers to conduct financial services, 9PSB is also the first Payment Service Bank to address critical challenges of the financially excluded customer demography in Nigeria.

Speaking during the event, the CEO of 9PSB, Branka Mracajac stated that the key mitigating strategy that would aid 9PSB in fufiling the financial inclusion mandate of the Central Bank of Nigeria is by offering compelling products, seamless execution and excellent customer service.

“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. This is our goal at 9PSB. It is also why we are here. It is the difference we are committed to making in the Nigerian financial sector,” she said.

While acknowledging that infrastructure deficit and geographical coverage limitations has previously limited the progress made in achieving financial inclusion in Nigeria, Branka said that 9PSB’s key mitigating strategy is to create synergies between agent banking as an important driver of financial inclusion and a superior product mix.

She explained that, “9PSB will deploy a wide distribution network that will serve as a channel for financial education for rural and low-income consumers. This will enable them to conduct basic banking services like cash-in and cash-out transactions.”

Speaking in the course of a panel discussion at the launch of 9PSB, seasoned fintech analysts such as Ashley Immanuel, Tunji Andrews, Tracia Ikponmwonba and Adejuwon Soyinka, offered panaceas that can bolster financial literacy and inclusion in rural and urban areas of Nigeria.

In his goodwill message at the event, Chairman Board of Directors, EMTS, the parent company of 9PSB, HRH, Alhaji Nasiru Ado Bayero, described the launch of the new digital lifestyle bank as the beginning of an exciting chapter in the company’s growth agenda.

“We see 9PSB as yet another opportunity to serve 59 million unbanked adults through the deployment of financial services that will leverage on top mobile technology and distribution network to support the financial inclusion efforts of the Federal Government”.

Source: Vanguard