News Highlights:
- 9PSB Emphasizes Collaboration and Innovation
- Future Vision for Payment Service Banks outlined
- Call for Regulatory Expansion made
9 Payment Service Bank (9PSB), Nigeria’s digital payment service bank dedicated to financial inclusion, has highlighted that the evolving payment ecosystem and increased collaboration among players and stakeholders in the financial sector are key factors driving the future growth of the payment system in Nigeria.
This was disclosed by Nasiru Isyaku, Executive Director, Finance and Banking Operations, who represented the Managing Director and Chief Executive Officer of the bank, Branka Mracajac at the recently organized Nigeria Fintech Forum held at The Civic Centre, Victoria Island Lagos.
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.
“As a bank that operates with the mandate to close the financial exclusion gap, our core responsibility is to provide Nigerians with solutions through practical systems 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,” he said.
“The future of payment service banks lies through an effective partnership among players and regulators to create new payment systems from scratch, which will be replicated on the world stage. Real-time payments will become the usual with transactions and payments within and outside the sphere of the country, and 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 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 continue 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 that 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.
