9PSB Launches Nigeria’s First Digital Lifestyle Bank

The Nigerian banking sector has been set on a new innovative course with the launch of a digital lifestyle bank, 9 Payment Service Bank (9PSB), the first of its kind in the financial industry.

Established with the aim of furthering financial inclusion in the country and providing financial services to Nigerians, who were previously excluded, the entrance of 9PSB as a digital lifestyle bank is designed to address critical challenges facing bank customers.

Speaking at a panel discussion at the launch of 9PSB, seasoned Fintech analysts and journalist such as Ashley Immanuel, Tunji Andrews, Tracia Ikponmwonba and Adejuwon Soyinka, offered suggestion that could bolster financial literacy and inclusion in rural and urban areas of Nigeria. The theme of the panel discussion was “Examining the challenges facing Nigerian banks and payment industry and how 9PSB can revolutionize the financial sector.”

The CEO of 9PSB, Branka Mracajac, on her part 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 the impact of infrastructure deficit and geographical coverage limitations on progress made so far towards achieving financial inclusion in Nigeria, Branka said that the key mitigating strategy that 9PSB is bringing to the table is to create synergies between agent banking as an important driver of financial inclusion and a superior product mix.

Explaining further, Branka said, “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.”

9 Payment Service Bank (9PSB) in its uniqueness will leverage on its existing mobile and digital channels, offering a first of its kind wide network of agents as well as web and digital applications and physical structures to provide financial consumers with an experience novel to the Nigerian populace.

In his goodwill message at the event, Chairman Board of Directors, EMTS, parent company of 9PSB, HRH, Alhaji Nasiru Ado Bayero, stated that the launch of 9PSB is 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,” he said.