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9PSB Will Drive Financial Innovation Among Youths And Women- CEO

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9PSB Will Drive Financial Innovation Among Youths And Women- CEO, SiliconNigeria

L-R: Mr. Mohammed Edewor, Board Member 9PSB; Mr. Asega Aliga Board Member 9PSB; His Highness Emir of Bichi, Alhaji Nasir Ado Bayero and Branka Mracajac, CEO 9PSB at the launch of 9 Payment Service Bank (9PSB) in Lagos State recently.

The CEO of 9PSB, Branka Mracajac said the goal of 9PSB to drive financial innovation, especially among the youth and women across Nigeria.

She said the key mitigating strategy that would aid 9PSB in fulfilling the financial inclusion mandate of the Central Bank of Nigeria is by offering compelling products, seamless execution and excellent customer service.

“Financial innovation plays a unique role in fostering sustainable and equitable growth primarily among the unbanked and underbanked within the rural areas in Nigeria, and I am very optimistic that 9PSB will drive financial innovation, especially among the youth and women across Nigeria. This is our goal at 9PSB. It is also why we are here. It is the difference we are committed to making in the Nigerian financial sector,” she said.

While acknowledging the impact of infrastructure deficit and geographical coverage limitations on progress made so far towards achieving financial inclusion in Nigeria, Branka said that the key mitigating strategy that 9PSB is bringing to the table is to create synergies between agent banking as an important driver of financial inclusion and a superior product mix.

Explaining further, Branka said, “9PSB will deploy a wide distribution network that will serve as a channel for financial education for rural and low-income consumers. This will enable them to conduct basic banking services like cash-in and cash-out transactions.”

The Nigerian banking sector has been set on a new innovative course with the launch of a digital lifestyle bank, 9 Payment Service Bank (9PSB), the first of its kind in the financial industry.  

Established with the aim of furthering financial inclusion in the country and providing financial services to Nigerians, who were previously excluded, the entrance of 9PSB as a digital lifestyle bank is designed to address critical challenges facing bank customers.

Speaking at a panel discussion at the launch of 9PSB, seasoned Fintech analysts and journalist such as Ashley Immanuel, Tunji Andrews, Tracia Ikponmwonba and Adejuwon Soyinka, offered suggestion that could bolster financial literacy and inclusion in rural and urban areas of Nigeria. The theme of the panel discussion was “Examining the challenges facing Nigerian banks and payment industry and how 9PSB can revolutionize the financial sector.”

9 Payment Service Bank (9PSB) in its uniqueness will leverage on its existing mobile and digital channels, offering a first of its kind wide network of agents as well as web and digital applications and physical structures to provide financial consumers with an experience novel to the Nigerian populace.

In his goodwill message at the event, Chairman Board of Directors, EMTS, parent company of 9PSB, HRH, Alhaji Nasiru Ado Bayero, stated that the launch of 9PSB is the beginning of an exciting chapter in the company’s growth agenda.

“We see 9PSB as yet another opportunity to serve 59 million unbanked adults through the deployment of financial services that will leverage on top mobile technology and distribution network to support the financial inclusion efforts of the Federal Government,” he said.

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IT in Banking

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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9Mobile’s Payment Service Bank To Go Live Monday As Board Appoints Branka Mracajac CEO

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9Mobile’s Payment System Bank To Go Live Monday As Board Appoints Branka Mracajac CEO, SiliconNigeria

The Board of Directors of 9 Payment Service Bank (9PSB) has announced the appointment of Branka Mracajac as the CEO designate ahead of Monday November 23, 2020 commercial launch.  

9PSB is the digital financial arm of 9mobile, Nigeria’s fourth largest mobile network. A seasoned Enterprise Resource Planning expert, Branka brings on board, an enviable record of accomplishments in digital financial services and risk management.

Prior to her appointment by 9PSB, Branka demonstrated her ingenuity during her stint at Digital Finance International in Russia and other markets. She is a versatile professional with top management experience of over 15 years in digital finance across 30 markets globally.

The Serbian national has worked in accelerating the adoption of digital payments and facilitated financial inclusion for various markets across Europe and other emerging markets around the world.

The Central Bank of Nigeria recently granted final approval to Nigeria’s digital lifestyle bank, 9PSB, to commence operations in fostering financial inclusion in Nigeria’s banking ecosystem.

With Branka’s leadership and experience backed by a competent and committed board of directors, 9PSB is set to deliver 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 on the appointment of Branka, the Chairman, Board of Directors, 9PSB, Chief Ikenna Kevin Okafor, stated that, “Branka is experienced in business strategy, corporate finance, policy implementation and risk management. I am certain that she will provide strategic leadership which will facilitate financial inclusion and increase financial payment across all market segments in the urban and rural areas of Nigeria.”

Responding to her appointment, Branka says that, “The pace of change in today’s Fintech industry is exceptional and I am delighted to be offered the opportunity to lead 9PSB at this early stage in its development. I look forward to using my experience to launch the 9PSB brand into the Nigerian Fintech market. The goal is to ensure that we are at the forefront of financial inclusion using the most innovative offerings.”

Ahead of the appointment of a CEO, the Board of Directors at 9PSB worked round the clock with a team of consultants who helped in establishing the company in the last 16 months. Members of the 9PSB’s board of Directors include Asega Aliga, Olurotimi Oladimeji Adebanjo, Amina Tukur-Tarfa, Samuel Okwulehie, Mohammed Edewor, Phillips Oki, Simeon Oyakhilome Okoduwa and Chief Ikenna Kevin Okafor, who chairs the board.

They all come with rich and varied pedigree, which they have deployed at the disposal of 9PSB. Leading the board is Chief Ikenna Kevin Okafor, a philanthropist and the ex-President of the Southern-east chapter of the Lagos Business School Association. On his part, Mr. Asega Aliga is an investment banker, entrepreneur and financial services professional. He is passionate about capacity building and strategic global alliances for Pan-African investment opportunities.

Mr. Olurotimi Oladimeji Adebanjo holds an MBA from the University of Pretoria and is currently the regional director, South and East Africa at e-tranzact Global, South Africa. Serving as the only female on the board, Amina Tukur-Tarfa is a highly engaged individual with over two decades of top flight experience in the areas of HR Recruitment, Operations, Employee Services and Administration. She also has, relevant experience as a HR Generalist and HR Specialist with key areas of knowledge and proficiency.  Equally on the board is Mr Samuel Okwulehie, a Senior Advisor at Boston Consulting Group. He has a vast experience in commercial operations and global logistics gained from many years in the international airline industry.

Mr. Mohammed Edewor (Esq) holds a Master’s degree in Political Economy of Development from SOAS University of London. He is a serial entrepreneur and erudite lawyer with over 40 years of business and legal experience. Edewor has vast business interests in telecommunications, banking, manufacturing, oil and gas. Also, on the board is Mr. Phillips Oki an Economist and Fellow of the Institute of Chartered Accountant of Nigeria (FCA). He is a seasoned venture capitalist. Mr. Simeon Oyakhilome Okoduwa brings to the board, his core areas of expertise and experience which includes Corporate & Commercial Law Advisory; Dispute Resolution/ADR; Corporate Governance Audit & Remediation and Doing Business Advisory.

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Mobile Banking Applications Remain Most Popular Platform For Digital Banking – Agusto & Co

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Mobile Banking Applications Remain Most Popular Platform For Digital Banking - Agusto & Co, SiliconNigeria
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Agusto & Co, has said that mobile banking applications remain the most popular platform for digital banking.

The increasing use of mobile banking has also been backed by the growing base of mobile phone users, which has grown by a five-year compound annual growth rate of 6 per cent to 184.4 million as the end of 2019.

Agusto & Co, an indigenous African credit rating agency and a leading provider of industry research and knowledge in Nigeria, dissected this in its third edition of the consumer banking satisfaction index has the level of customer satisfaction towards digital banking channels in Nigeria with Guaranty Trust Bank (GTBank) scoring the highest user experience score.

According to the report, approximately 82 pre cent of the survey respondents are aware of their respective bank’s mobile banking service while internet banking recorded 57 per cent awareness. The respondents are least aware of WhatsApp and other virtual banking platforms (such as the chatbot service and telephone banking), with only 6 per cent of the respondents indicating their knowledge of these services

The consumer banking satisfaction index reveals customers’ preferences towards digital banking channels on some selected banks in Nigeria. The index which contains a survey and a scorecard, and showcases that the crux of customers’ complaints is customer service delivery.

As revealed by the report, Guaranty Trust Bank (GTBank) Emerges the Best Digital Bank in Nigeria with a user experience score of 74.2. Zenith Bank was the highest-ranked bank in the 2019 edition, with a score of 74.2 but dropped to the 4th position this year to a score of 70.9 due to lower ratings in transaction success rates and troubleshooting & IT support.

First Bank of Nigeria ranked second, while Access Bank ranked third. GTBank’s top position was underpinned by comparably higher transaction success rates, which is most crucial in the current ‘COVID-era’. The Bank’s position was also upheld by the significant level of awareness of its digital banking services compared to the other banks in the survey sample.

Agusto & Co also observed that the COVID-19 pandemic has driven an increase in the use of digital channels and created an opportunity to grow transaction income across the various platforms.

In addition to benefits to commercial banks, the pandemic has also provided digital banks (also known as FinTechs) with an avenue for growth. The survey also indicates that only 46 per cent of the survey respondents are aware of digital banks.

In addition to the vast digital service offerings provided by banks, Agusto & Co found that there are still several key desired services. These include a chat option with a relationship officer, which was chosen by 67 per cent of the survey respondents.

Approximately 39 per cent of the survey respondents would like to have a further breakdown of their bank statements to reflect their spending habits while 31 per cent yearn for a branch/ATM finder option on their bank’s digital platform. Other desired services include additional account opening option, credit card requests and investment advisory.

The 2020 Consumer Digital Banking Satisfaction Survey targeted a focus group of respondents drawn from the formal and informal sectors of the economy. The coverage banks indicated in the survey are the top 10 commercial banks based on the value of total assets and contingents as at 31 December 2019

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