9PSB: Increased Collaboration Will Boost Nigeria’s Payment System

9Payment Service Bank (9PSB), has said that the country’s evolving payment ecosystems as well as increased activities among players and stakeholders in the financial space, are key factors to the future growth of Nigeria.

This was made known by the Executive Director, of Finance and Banking Operations, Nasiru Isyaku, who represented the Managing Director and Chief Executive Officer of the bank, Branka Mracajac, at the Nigeria Fintech Forum held in Lagos recently.

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. 

He stated:  “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.