Nigeria’s digital payment service bank, 9 Payment Service Bank (9PSB), has reiterated that the country’s changing payment ecosystems and the rise in cooperation between financial industry participants and stakeholders are key elements supporting the country’s payment system’s future expansion. 9PSB is dedicated to financial inclusion. The bank’s managing director and chief executive officer, Branka Mracajac, was represented by Nasiru Isyaku, executive director of finance and banking operations, at the recently held Nigeria Fintech Forum, which took place at The Civic Centre, Victoria Island, Lagos.
Speaking while delivering the keynote address titled: “Resilient, Robust, Reliable: Building the Future of Payment Service Bank in Nigeria”, Nasiru Isyaku, highlighted that the future of payment service banks in Nigeria is envisioned to elevate the nation’s payment systems, offering registered users with much affordable, accessible, and convenient digital payment option.
In his words, “As a bank that operates with the mandate to close financial exclusion gap, our core responsibility is to provide Nigerians with solutions through practical system that put smiles on their faces, such as onboarding and recording their payment behaviours so that alternative data can be used to build their wealth assessment models.”
’The future of payment service bank lies through effective partnership among players and regulators to create new payments systems from the scratch, which will be replicated at the world stage. Real-time payments will become the usual with transactions and payment within and outside the sphere of the country, consumers and businesses will quickly adapt to cashless transactions. Secondly, usage of mobile wallets, digital currencies, and open banking systems are predicted to prevail in the industry. Interestingly, Payment Service Banks ride on existing infrastructure for citizens who are already onboarded through NIN and BVN.’’ Isyaku added.
‘’Although, Payment Service Banks by virtue of existing regulation, are limited by scope of services compared to the traditional deposit money banks, such include non-participation of foreign exchange transactions with customers, extension of credit facilities and non-acceptance of time deposits but we hope that as the PSBs continues to grow, the Central Bank of Nigeria can approve of them to perform further services to meet their customers’ needs,’’ he remarked.
Nigeria Fintech Forum is a premium conference, exhibition and networking platform catering to public and private sector stakeholders across Nigeria’s financial technology industry. The forum is an annual event which features presentations, keynote speeches, panel sessions, exhibitions and fireside conversations, created to x-ray issues and opportunities shaping the future of the fintech industry.
The event convened stakeholders and digital financial experts in Nigeria’s payment industry who are changing the landscape of Nigeria’s digital financial sector, to deliberate on issues and opportunities shaping the future of the industry.
