The management of 9PSB, has assured Nigerians in rural and urban areas of it’s readiness to deliver a quality banking experience to them as part of effort to support financial inclusion drive of the central bank of Nigeria.
The assurance came during the launch of 9PSB recently in Lagos following the approval of license as a Payment Service Bank by the Central Bank of Nigeria (CBN).
Speaking at the ceremony, CEO, 9PSB, Branka Mracajac said; “I am delighted to address you, our eminent guests and distinguished friends from the media, on the launch of 9 Payment Service Bank today. I also want to appreciate the Chairman and the board of Directors of 9PSB for throwing their weight behind this innovative financial enterprise and laying a solid foundation for 9PSB.
“In these three short weeks since my arrival, I have enjoyed the great hospitality of the energetic people of this beautiful country. I already feel that Nigeria will become my home away from home. Thank you for the warm welcome.” She noted.
According to her, “as you all know, the Central bank of Nigeria recently approved 9PSB to commence operations in the Nigerian financial ecosystem.
This approval is in line with the objective of the National Financial Inclusion Strategy established in 2012 to improve financial inclusion across the country.”
She stated that, “today, we commend the Central bank of Nigeria for the tremendous work they have done to provide Payment Service Banks to leverage on mobile and digital channels to enhance financial inclusion and stimulate economic activities at the grassroots through the provision of financial services. It is the duty of us, the financially included people, to influence national economic development, improve welfare, and the general standard of living of everyone, particularly in poverty reduction, employment creation, and wealth generation.”
Continuing, she disclosed that, “Nigeria is home to many beautiful people and what is even more beautiful is why we gathered today. It is a great honor and responsibility to formally announce the launch of 9PSB, a financial institution committed to raising financial literacy and financial inclusion efforts to many Nigerians currently excluded from financial services.”
She pointed out that, “9PSB is the first Payment Service Bank designed to transform financial services in Nigeria by providing creative and market-driven financial services solutions that will address the challenges of the financially excluded customer segment.”
“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.” She said
She further stated 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.
At 9PSB, we are aware of infrastructural and geographical coverage limitations over significant parts of populated territory currently. Our key mitigating strategy is to create synergies between agent banking as an important driver of financial inclusion and a superior product mix.”
“we strongly believe that we will address the pain points of the unbanked, the under-banked and the banked Nigerians by offering our compelling products, seamless execution of processes, 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.”
Also speaking, a Fintech Analyst, Ashley Emmanuel said that, payment service bank (PSB) if properly managed has the capacity to support Economic recovery post COVID-19.
She disclosed that, “we did a research to understand what the impact of the pandemic might be and the opportunities for the financial sector, and one of our findings was that, digital financial services will play a quick role in economic recovery, and one of our recommendations to the central bank at the time was that, they should award licenses to the PSB as quickly as possible.
According to her, “there are many ways in which PSB can support recovery post pandemic because the pandemic has pointed out the need to be digitised and bring on board as many people as possible into the formal financial system which will help increase GDP, inclusivity and job creation so also address many of the challenges we are facing as a result of the pandemic”
“it will help in extentending reach to financial services, it can also help people in the rural areas have access to financial services.” She added.
Speaking on the issue of trust, Tricia ikponmwonba, a panelist at the event said, “most people often find it difficult to trust their banks and one of the ways PSB operators can achieve that is through a continued engagement and education with their customers, because when you ask an average person why don’t you trust banking? Mostly, you hear that banks withdraw money from customers accounts for charges that customers don’t understand, and when they opened their accounts they were not told all this will come.”
According to her, “there is lack of enlightenment, Customers don’t understand that, in the finance law, for every transaction of this amount, a certain amount would be debited from your account. I feel that is where 9PSB will take a quick stand in educating people on why this is different from the regular bank, and why.”
While speaking on how PSB will affect small businesses and entrepreneurs, she pointed out that, “there are two things on how this initiative will affect small businesses, and it will be reach and structure. The first is reach, before COVID-19, most small businesses had moved online, but it’s still strange that many small businesses still suffer from clients who doesn’t want to buy from them online, they still have the issue of can I pay on delivery or so, I see this as an alternative for such demographic. Many small businesses can reach more customers accross different region especially in the hinterlands.”
Continuing, she disclosed that, when we look at structure, is hydra headed, there is part of businesses that has to do with daily transaction such as food vendors and hospitality businesses who need to remit money daily, this help the structure where agents can take off the money from them. They can also structure payments to their vendors. So, I think for small businesses, it’s about reach and structure.”
Responding to question on what sort of impact would PSB have on Nigeria financial services? Tunji Andrews said; “the question is, is Nigeria ready? And I can say that Nigeria is ready. We can see that from the policy direction of the central bank of Nigeria, Nigeria is targeting 80% of financial inclusion between now and 2024. As a matter of fact, with such initiative, one can be independently convinced that Nigeria can achieve 95% financial inclusion before that period all things being equal.”
According to him, “the reason for that is not far fetch. Simply look at our population, we are about two hundred million people, and according to NCC in 2019, the number of phone users in Nigeria is about 186 million while that of mobile internet subscribers is about 126 million. Look at that number and think of what can possibly happen if we can get 50% of that to subscribe.”
For example, Kenya has a population of about 54 million people compare to Nigeria that has over 200 million people. So, obviously, you expect more competition, but if you do well, you attract more patrons and you can stay ahead of the park.
Speaking on brand building and sustainance, Aejuwon Soyinka disclosed that, with the right kind of strategy and action, brand building and sustainability is achievable. For example, he continued, when you make promises, you should be able to deliver on such promise which is key to success.
According to him, “from my experience with any kind of business at all, you actually get more customers when you are able to deliver on promise, and that amount to trust. And I can assure you that, if you build a trust between you and your customers, they would be the ones to advertise your brand, and the kind of impact word of mouth advertising can do to your brand will make work easy for your marketing team”
“delivering on your promises will ensure that 9PSB will not only take the lead but stay on top of your game. This is because the space is going to get busy.” He added.
While giving a goodwill message, Chairman of the Board of Directors EMTS, parent company of 9PSB, His Royal Highness, Alhaji Nasiru Ado Bayero said, “this initiative is one of the ways to support the current financial inclusion drive by the federal government of Nigeria. As the chairman of this board, I am particularly delighted that we are providing solution to CBN financial inclusion drive, and 9PSB provides an excellent opportunity to pursue this commitment in a manner that improve quality of lives of Nigeria.”
According to him, “we are convinced that, 9PSB will stimulate savings and investment as more liquidity is mobilised from the informal sector into the main stream financial system. This will translate into an active economic activities in the informal sector and the overall Economy.”
“let me assure you that, the launch of 9PSB today is the beginning of new chapter in our growth agenda as a nation, with support of all our stakeholders, who in partnership with us for stretagies and success, so also guided by our visionary board, we have embark on our next face of progress, transformation, and expansion which will strengthen the foundation of company.” He noted
