A subsidiary of 9mobile, 9PSB (Payment Service Bank) obtained a banking license from the Central Bank of Nigeria (CBN). The telecommunication giant will now be able to legally operate in the fintech space. While 9mobile has been running 9Pay for some years now, it did so in partnership with UBA.
Speaking about fintech in Nigeria, it is obvious that more and more people are buying into the idea. POS vendors and other quick financial transaction institutions are springing up frequently. It is no longer out of place to see up to five kiosks offering payment and deposit services in one space.
According to a PUNCH report, 9mobile confirmed that the banking authority had given 9PSB a license. 9mobile CEO Alan Sinfield said; “We are happy to be the first Payment Service Bank to provide all Nigerians with access to banking services and open up a digital world of possibilities to improve everyday lives.
“We know that this new development will further improve the country and the people going forward. In 2018, 9mobile partnered with UBA to roll out 9Pay, a mobile payment solution while also pushing for a fintech license.
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“We are delighted that we have now secured final approval for a Payment Service Bank.”
Accessible by dialing *990#, 9mobile customers will be able to use 9PSB’s facilities for most of their banking needs. It is also not lost on us that this will definitely drive financial inclusion for many people. Additionally, it will have an app that everyone can use.
9mobile CFO Phillips Oki added; “9PSB will no doubt bring relief to all Nigerians. This is because Payment Service Banks facilitates sending remittances across the country from one user to another, bypassing the banks.
“Also, 9PSB will reach the people at the bottom of the pyramid to facilitate financial inclusion especially in the rural setting and increase financial payment in Nigeria.”
Meanwhile, the *990# Code is already working but we have been unable to download the mobile app from Google Play Store as of when this article was published.
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