Financial Exclusion to Shrink in 2021 as 9PSB Moves to Reach 6million Unbanked Nigerians in One Year

Following the launch of 9PSB (Payment Service Bank) in Lagos yesterday, the Chief Executive Officer, Branka Mracajac has said over six million Nigerians who are underpaid, underbanked and unbanked will be financially-included in the next one year.

According to Mracajac, the newly lincensed financial system payment will be an enabler to achieving unparalleled benefit in everyday transactions.

While noting that financial innovation has a unique role in fostering sustainable equitable growth, primarily among the unbanked and the underbanked.

Recall, Central Bank of Nigeria (CBN) through its National Financial Inclusion Strategy (NFIS) plans to ensure that 80 percent of Nigerian adults are included in the financial net by the year 2020.

The 2018 data by EFInA put Nigeria’s financial inclusion rate at 63.2percent, meaning that as much 36.8 percent  or about 40 million adults still lack access.

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She stressed that 9PSB is primarily launched to foster the financial inclusion drive in the Nigerian ecosystem.

Speaking on this, Mracajac said the product is the first payment service designed to transform financial services in Nigeria by providing market-driven solutions that will address financial challenges.

“9PSB planned to increase financial inclusion across the country for people who own a smartphone or feature mobile device and the last 10 digits of their phone numbers.

“We strongly believe that this initiative will create financial literacy among our people- especially the youths and women across the country, and will transform financial services in Nigeria.

“With this payment service, people can open accounts and do all forms of services from the comfort of their homes on their mobile devices. It will definitelty address the issue of financial inclusion which is ongoing and fasttrack payment services for the unbanked, underbanked and even those who who are already banking.”

Also, the Manager Product and Services, Mr Femi Balogun stressed that the payment service promises to be seamless as it will be also served the purpose of educating users on the importance of banking and investing without hurdles.