9PSB to Support Nigeria’s Agribusiness Sector with Digitised Payments Solutions

Nume Ekeghe

9 Payment Service Bank (9PSB) has committed to growing Nigeria’s agriculture value chain by supporting the payment needs of farmers, through accessible, easy and inclusive payment solutions.

The Chief Executive Officer, 9PSB, Branka Mracajac gave the assurance while speaking at the Vanguard Economic Forum Series held in Lagos.

Delivering a keynote presentation titled, “Digitising Payment & Agricultural Value Chain Financing for Small Holder and Commercial Farmers,” Mracajac noted that the solution to solving the problem of the country’s agriculture value chain is two-pronged: the need to increase funding -which farmers have easy access to – for Agribusiness, and to digitise payments in the agriculture value chain.

According to her, while there are ongoing efforts to solidify the country’s financial inclusion mandate, it is important to speed up actions on addressing the gap on financial literacy.  She said, “Although, there is an increase in the uptake of digital financial products and payment platforms in Nigeria, the fact remains that most farmers in rural Nigeria, are unbanked and have little or no access to formal financial services, including adequate information on the most basic elements of financial concepts.’’

Citing the challenges that lack of access poses to the farmer, she remarked, ‘’If you therefore visit the yam and garri market at Iseyin, in Oyo state where, for instance, there is a hub of these small-scale farmers, you will discover that a lot of the payments for farm produce and other services are cash transactions. People travel from major Southwest cities carrying heavy cash for their goods, because the farmer from whom they buy the products does not accept or understand or trust digital modes of payment.’’