About 9PSB
9 Payment Service Bank (9PSB) was founded in Nigeria in 2020, becoming the country’s first payment service bank authorized by the Central Bank of Nigeria (CBN) to provide last mile access to banking services to the unbanked and underbanked.
Operating as a fully digital bank, 9PSB manages their agent banking network, providing a seamless digital banking experience. 9PSBs mission is to leverage digital financial technology and innovation to provide simple, accessible, efficient, and inclusive payments, services, and banking solutions that are most secured and trusted in sub-Saharan Africa.
The Product
The issue of financial exclusion is a major challenge in Nigeria and African countries.
9PSB is set to overcome the challenge and barriers by developing simple, easy-to-use, innovative, and cost effective solutions, leveraging on effective distribution channels to drive financial inclusion by penetrating the underbanked population in the similar manner that the Telcos have been able to achieve mobile phone and network penetration in the country.
“Our vision is to be Africa’s market leader in technology driven financial services through solutions to drive inclusive social economic growth and development and our mission is to leverage digital financial technology and envision to provide simple, accessible, efficient and inclusive payment services and banking solutions that are most secured and trusted in Sub Saharan Africa”. – Branka Mracajac, Chief Executive Officer, 9PSB
In addition to 9PSB leveraging its network of agents to provide last mile services to the customers, 9PSB also offers its services to the customers through branchless banking, self-service digital channels – Bank9ja Mobile App, Bank9ja USSD code (*990*0#) for individual users and Bank9ja Corporate for businesses.
9PSB is digitally present everywhere.
9PSB also leverages technology to offer innovative, cost-effective, and efficient products and services. One major barrier to financial inclusion is charges but through innovation, 9PSB offers solutions with affordable charges. 9PSB platforms are robust and transactions initiated on them are fast with great user experience.
They focus on driving financial inclusion and deepening payments through collaboration with other players in the ecosystem by providing products and services targeted at individuals and businesses.
BankOne and 9PSB
In 2022, 9PSB embarked on the implementation of new infrastructure and platforms that could support its digital banking journey. There was a need for a core banking platform that is nimble, scalable and has host of the services exposed through APIs. 9PSB was looking for an indigenous company that shares the same vision as the bank and can also deliver solution in a rapid manner, because the payment landscape is very dynamic and constantly evolving. It needed a partner that is also innovative and dynamic that can support it to accomplish the Bank’s mission.
9PSB identified BankOne as the growth partner that can provide excellent and robust services to support its growth vision.
The Result of the Collaboration
Over the last two years of collaboration9PSB has been able to:
· Seamlessly and successfully migrated its customers and solutions from the previous core banking software to BankOne core banking software.
· Develop various payment and collection solutions and services that are really making waves in the industry.
· Integrate its digital platforms – Bank9ja Mobile App, Bank9ja USSD Code (*990*30#) and Bank9ja corporate.
“We have experienced relative stability in terms of the system uptime and service availability. Payment and processing have improved significantly because of the combines effects of our robust infrastructure and APIs with the complementary stability of the BankOne core banking. Over the years, 9PSB has won many enviable awards for its innovations and impacts in the payment and digital banking.“
- Akeem Salam; Head of Product Management, 9PSB
Using BankOne, 9PSB has scaled its transactions in multiple folds than what it was before.
The Future
9PSB is on a journey to build a unicorn. Over the next few years, the projection is to have millions of customers. Working with Qore’s BankOne team will help to develop additional capabilities to make 9PSB standout.
As of today, 9PSB offers different wallets, savings, and investment deposits to drive financial inclusion and encourage customers to cultivate the habit of savings to gain financial freedom.
Soon, 9PSB customers who are already enjoying cardless, seamless digital banking experience will be offered payment cards to have more options to access their funds both online and offline.
Advice for Prospective BankOne Users
Nigerian payment system is more matured than most payments systems in the western world and Nigerians need to support local companies with world-class solutions, to be at par with international standards.
Solutions that are built and by Nigerians, can be built to comply to and accommodate special payment requirements which BankOne core banking encouraged to fully adapt BankOne as BankOne understands how payments work and the expectations of the customers.
Ready to drive financial inclusion with BankOne, send an email to [email protected] and let’s get talking.
