Lagos, Nigeria, July 2024. 9 Payment Service Bank (9PSB), Nigeria’s digital payment service bank focused on financial inclusion, has re-emphasized that Nigeria’s evolving payment ecosystems and increased collaborative activities among players and stakeholders in the financial space are enabling factors to the future growth of the payment system in Nigeria. This was made known by the Executive Director, of Finance and Banking Operations, Nasiru Isyaku, who represented the Chief Executive Officer of the bank, Branka Mracajac at the recently held Nigeria Fintech Forum at The Civic Centre, Victoria Island Lagos.
Nasiru Isyaku, speaking during the keynote address titled “Resilient, Robust, Reliable: Building the Future of Payment Service Bank in Nigeria,” stated that the future of payment service banks in Nigeria is envisioned to elevate the nation’s payment systems by providing registered users with much more affordable, accessible, and convenient digital payment options.
In his words: “As a bank that operates with the mandate to close the financial exclusion gap, our core responsibility is to provide Nigerians with solutions through practical systems that put smiles on their faces, such as onboarding and recording their payment behaviors so that alternative data can be used to build their wealth assessment models.”
’The future of payment service banks lies through effective partnerships among players and regulators to create new payment systems from the ground up, which will be replicated on the world stage. Real-time payments will become the usual with transactions and payments within and outside the sphere of the country, and consumers and businesses will quickly adapt to cashless transactions. Second, the use of mobile wallets, digital currencies, and open banking systems is 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.
’Although Payment Service Banks by existing regulation, are limited by the scope of services compared to the traditional deposit money banks, such as non-participation of foreign exchange transactions with customers, an extension of credit facilities, and non-acceptance of time deposits, we hope that as the PSBs continues to grow, the Central Bank of Nigeria can approve of them to perform further services to meet their customers’ needs,’’ he remarked
Nigeria Fintech Forum is a premium conference, exhibition, and networking platform catering to public and private sector stakeholders in Nigeria’s financial technology industry. The forum is an annual event that includes presentations, keynote speeches, panel sessions, exhibitions, and fireside conversations, designed to shed light on the concerns and possibilities of shaping the future of the fintech industry.
The event convened stakeholders and digital financial experts in Nigeria’s payment industry who are changing the landscape of Nigeria’s digital financial sector, to deliberate on issues and opportunities shaping the industry’s future.