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9PSB Launches Digital Bank, Targets Six Million In First Year

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9PSB Launches Digital Bank Targets Six Million In First Year, SiliconNigeria

Nigeria’s new entrant into the digital financial services, 9 Payment Service Bank (9PSB) today went live on its digital banking platform with plans to reach over six million financially excluded over the next one year.

It proposes high-end digital banking and financial inclusion services that will make transactions easier, convenient and accessible for people of all social classes in Nigeria.

Speaking during the launch in Lagos yesterday, the chief executive officer, 9PSB, Branka Mracajac, said, “The initiative which is financially included is in order to influence national economic development to improve welfare, generate standard of living for everyone, particularly in poverty reduction, employment creation.

She noted that, “The product is the first payment service designed to transform financial services in Nigeria by providing VAT and market driven solutions that will address the challenges financially.

“Currently, our key mitigating strategy is to create synergies between age integrity and something important driver of financial inclusion and the superior product mix that we are offering. We strongly believe that we will address the pain points of underpaid, the underbanked and unbanked Nigerians by offering a compelling product, seamless educate execution of processes and an excellent customer service”, she said.

Financial Innovation is a unique role in fostering sustainable equitable growth primarily among the unbanked and the underbanked. Within the rural areas in Nigeria, 9PSB we build job of financial inclusion, especially among the US and across Nigeria.

“Basically, the main difference between us and other platforms is that everyone with a phone number can have a bank account in 9PSB, which means that you don’t have to go to bank, you don’t have to have BVN, you don’t have to go to process and then to memorize your banking details. The last 10 digits of your phone number makes your account number.”

The difference between our platform and other banking platforms are that you can do everything so you can conduct banking services, from the comfort of your home, it’s only needed to have a smartphone or feature device.

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IT in Banking

Absa Introduces Digital Account Opening Via Mobile App

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Absa Introduces Digital Account Opening Via Mobile App, SiliconNigeria

Today, Absa introduced a quick, simple and convenient end-to-end account opening for new customers, through the Absa Banking App which can be downloaded from the Android and Apple stores.

This innovation follows the launch of the world first ChatBanking on WhatsApp service and is another innovative way Absa is fast becoming a digitally-led bank, that is centered around the ever-changing needs of customers. In South Africa, 38 million are mobile users.


This “download your account” feature enables new customers to Absa, to open a Cheque account, order their card and start transacting on the Absa Banking App, all within minutes, from anywhere and at any time, by simply “downloading” it from the App stores.

“Overall, this new capability is not only expected to enhance the customer’s digital experience, but we expect to leverage this in our branches, bringing digital experiences to the branch environment and making it easier for our customers to join and bank with us regardless of where they may be,” says Aupa Monyatsi, Managing Executive for Virtual Channels at Absa Retail and Business Banking

“With this innovation comes the need to ensure that the security of our customers is at the heart of our digital experience, this is why the digital onboarding experience for this feature includes a high-quality facial matching check with the Department of Home Affairs to verify the customer’s identity, ensuring that we have the most up to date information of our clients. Security is supremely important for us,” said Monyatsi.

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Former Governor, Bank of England Carney Joins Stripe Board

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Former Governor Bank of England Carney Joins Stripe Board, SiliconNigeria

Former governor of the bank of England Mark Carney has joined the Board of directors of hot Web payments firm Stripe.

Ten years since launching, Stripe’s infrastructure powers hundreds of billions of euros of payments for businesses in over 140 countries and territories around the world.

The company, which last raised a $600 million series G in mid-2020, is currently contemplating an IPO that would give it a valuation of $105 billion.

Says Carney: “The very nature of commerce has changed over the past decade. Stripe has been at the forefront of enabling this new digital economy, providing innovative and resilient global payment solutions to businesses large and small. In the process, Stripe has been breaking down barriers to global trade and accelerating economic output.”

The former governor of the Bank of England is currently playing a key role in the battle against global warming as the UN Special Envoy for Climate Action.

Stripe says it expects to benefit from Carney’s leardership role in sustainable finance as it rolls out a global climate effort, enabling millions of businesses to bring more funding to emerging carbon removal technologies,

“As Stripe enters its second decade, Mark’s unparalleled experience of the highest levels of financial services and central banking will be of enormous benefit as we work to grow the GDP of the internet.” says John Collison, co-founder and president of Stripe. “From his desire to see faster settlement systems to his commitment to climate change mitigation, Mark’s values align with ours. We’re delighted he’s joining our Board of Directors.”

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IT in Banking

NOVA Merchant Bank Promotes Staff, Flags-Off Executive Trainee Scheme

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NOVA Merchant Bank Promotes Staff Flags-Off Executive Trainee Scheme, SiliconNigeria

 NOVA Merchant Bank, a leading merchant bank in Nigeria, began 2021 on a high note as it announced several promotions for its employees who excelled in the performance of their responsibilities. 

The Bank announced on Monday that the promotions are in line with its goal of building a high performance culture, adding that they cut across most grade levels including General Manager subject to approval by the Central Bank of Nigeria. 

Managing Director/Chief Executive Officer of the Bank, Mr Nath Ude, explained that the Bank set out to reward its deserving staff who had in the last few years put in a lot of effort to ensure it achieved its goals of providing premium services to its growing clientele at every opportunity. 

“These promotions, given the current operating context, represent a strong commitment by the Bank to put the right incentives in place to drive performance across the organisation,” he stated. On his part, the Chairman of the Board, Mr. Phillips Oduoza, pointed out that the management of the Bank was involved in continuous training and retraining to ensure its highly qualified staff are equipped with the needed tools to surpass customer expectations.  

“The Board remains committed to ensure the Bank has a deep talent pool aligned to the achievement of its strategic objectives. We will continue to support the management team to ensure this is realised,” Oduoza explained. 

As a fast-growing new business with the resultant need for expansion in all frontiers, the Bank has painstakingly ensured that key positions are occupied by well-grounded professionals through a combination of internal promotion and careful recruitment of good talents. 

It is interesting to note that only recently, the Bank launched the NOVA Executive Trainee Scheme (NETS) programme where “best in class” fresh hires are trained for six to nine months in a state-of-the-art training school in an effort to develop its pipeline of leaders.

The annual programme, which commenced with the first stream on the 4th of January 2021, is expected to turn the trainees into well-rounded bankers by its conclusion. This substantial deployment of resources further highlights the Bank’s dedication towards training and developing talent. 

NOVA Merchant Bank Limited is a licensed, investment grade rated merchant bank in Nigeria. It offers an integrated suite of financial solutions covering Wholesale Banking, Investment Banking, Asset Management, Securities Trading, Wealth Management, Trade Services, Deposit Taking, Lending Activities, Transaction Banking, Cash Management and Digital Banking

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