PSBs are essential to Nigeria’s financial inclusion campaign, says Mracajac
9PSB CEO Branka Mracajac highlighted the importance of Payment Service Banks (PSBs) in supporting Nigeria’s financial inclusion campaign.
According to Mracajac, PSBs offer last mile financial solutions to unbanked, underbanked and underserved people who in most cases are overlooked due to geographic and infrastructural barriers.
Mracajac made this known, during an introductory presentation, on the topic: “The role of payment service banks in the financial ecosystem in Nigeria”, during the 2021 retreat of the CEO’s Committee of Electronic Commerce (CeBIH), held recently in Abeokuta, Ogun State.
Nigeria has made tremendous progress in building a strong financial inclusion framework, she said, but much remains to be done to ensure that the common man is not left out of the financial ecosystem. .
âStarting in 2012, we have seen significant progress on the road to implementing financial inclusion in the country. There is no doubt that the licensing of payment service banks has a significant impact on the inclusion campaign. To date, we see an increase in the number of those who are financially included. However, more than one in three Nigerian adults remains completely financially excluded. This is a huge number that needs to be addressed and at 9PSB we are committed to providing access to everyone, especially the neglected and underserved population through our network of partner agents, âsaid Mracajac.
She pointed out that 9PSB has invested in initiatives that support financial literacy, which she says has remained a key success factor in fostering financial inclusion. She added that when addressing the issue of access, emphasis should also be placed on the acquisition of financial literacy by the vast majority of the Nigerian population. âWhen people are informed, they make strong, healthy financial judgments that increase their finances. Currently, we are conducting mass financial education awareness and awareness campaigns through our agent network, and we intend to do more in this regard, âshe added.
She further underscored the need for collaborations among industry stakeholders to deliver seamless and enhanced financial services that are diverse and meet the specific needs of each market segment. âWe recently entered into a partnership agreement with Flutterwave to create a transparent payments ecosystem. With this partnership, we aggregate and simplify transactions for bank agents, merchants and consumers; Simply put, they now have a single point of entry to take advantage of the various products and services provided by Flutterwave and 9PSB. she explained.
Ogun State Deputy Governor Ms Noimot Salako-Oyedele revealed that the state government is seeking to collaborate with fintech players to facilitate money transfer services in the state. She challenged the retreat participants to find solutions that will help support financially excluded Nigerians, not only in the state but across the federation.
In his response to the Deputy Governor, Mracajac listed some of 9PSB’s value propositions for states to include social investment programs to support states money transfer initiatives for vulnerable groups, in partnership with state governments to strengthen their various financial inclusion initiatives, as well as solutions for the collection and disbursement of state revenues.