9mobile receives final approval for payment service bank

9PSB (Payment Service Bank), a subsidiary of 9mobile, has received approval from the Central Bank of Nigeria (CBN) to commence operations in the country.

9mobile, in a statement on Saturday, said that its *990# payment service banking platform would help drive financial inclusion in Nigeria’s ecosystem.

It said that CBN’s approval to 9PSB would also save bank customers from long queues in banking halls, consistent network failure, stringent documentation to access credit facilities, and frequent transaction/dispensing error, among others.

Speaking on 9PSB’s entrance into Nigeria’s financial sector, 9mobile Chief Executive Officer, Alan Sinfield, said there was a huge potential in the market and 9PSB was strategically positioned to expand its operations into financial services.

“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 UBA to roll out 9Pay, a mobile payment solution while also pushing for a fintech license.

“We are delighted that we have now secured final approval for a Payment Service Bank,” Sinfield said.

Commenting, 9mobile Chief Financial Officer, Mr. Phillips Oki said: “The financial inclusion that 9PSB will provide will be an enabler to achieving unparalleled benefit in everyday transactions.”

According to him, the code *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.

Oki said that with a large network of agents strategically located in both urban and rural communities, 9PSB would make sending and receiving money seamlessly and less stressful for all Nigerians.

He noted that a survey conducted by the Enhancing Financial Innovation and Access (EFInA) in 2010 indicated that over 54 million Nigerians above the age of 18 were either served by informal institutions or totally unbanked.

He said that in October 2012, the CBN introduced the National Financial Inclusion Strategy (NFIS) to provide Payment Service Banks across Nigeria.

Oki noted that the aim of introducing the NFIS was to break the traditional barrier preventing financial inclusion and promoting low cost, secure and convenient financial services across the country.