CBN Grants 9mobile First Payment Service Bank Licence

The Central Bank of Nigeria has granted final approval to 9PSB (Payment Service Bank), a subsidiary of 9Mobile, to commence operations in Nigeria.

This, according to a statement by the company, is expected to help ease the challenges of long queues in the banking halls, consistent network failure, stringent documentation to assess credit facilities and frequent transaction/dispensing error, among others.

Speaking on the vision of 9PSB’s entrant to the financial sector, CEO of 9Mobile, Alan Sinfield, said there was a huge potential in the market and “9PSB is strategically positioned to expand its operations into financial services”.

He said, “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 Nigerian bank, 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.”

The CFO of 9mobile, Phillips Oki, was quoted as saying, “The financial inclusion that 9PSB will provide will be an enabler to achieving unparalleled benefit in everyday transaction.

“The *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.

“With a large network of agents strategically located in both urban and rural communities, 9PSB is going to make sending and receiving money possible, easier, seamless, and less stressful for all Nigerians.

“9PSB is also available on mobile App and internet banking for ease of banking and simplicity. Over the coming weeks, 9PSB will unveil its products and services to Nigerians.”

Oki 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.