FINANCIAL INCLUSION, KEY FACILITATOR TO POVERTY REDUCTION AND ECONOMIC PROSPERITY – 9PSB CEO

FINANCIAL INCLUSION, KEY FACILITATOR TO POVERTY REDUCTION AND ECONOMIC PROSPERITY – 9PSB CEO

 

9 Payment Service Bank (9PSB), Nigeria’s digital payment service bank, focused on financial inclusion, has re-emphasized that financial inclusion is the key enabler to poverty reduction and economic prosperity in Africa at the Regtech Africa Conference held recently in Lagos.

The event themed: Harnessing Partnerships for Africa’s Prosperity – Bridging the Data Trust Gap, is a convergence of financial experts and thought leaders in the digital financial service industry across Africa, aimed at sharing knowledge and proffering strategies to increase data trust in the last mile digital financial service delivery.

Delivering a keynote presentation, the Managing Director, and Chief Executive Officer, of 9 Payment Service Bank (9PSB), Branka Mracajac stated that financial inclusion remains a key focus in Nigeria and Africa. It plays a significant role in reducing poverty and fostering the prosperity of the people. Achieving the desired results requires a conscious effort by players in the industry to make financial products and services available, accessible, and affordable for all unbanked and underserved individuals and businesses, regardless of their age, gender, geographical region, and socioeconomic status. It also aims at empowering people with knowledge through financial literacy programs and providing them with tools such as savings accounts and other payment options to participate in formal financial systems.

“A survey conducted in Nigeria in 2008 by EFinA revealed that about 53 percent of adults were excluded from financial services, furthermore, financial inclusion as a vehicle for economic development has a notable positive impact in Nigeria, it decreased the exclusion rate from the initial 53 percent of about 40 million of adults to 36 percent which today means about 29 million of adult Nigerians. 59 percent of households in Nigeria are income providers, while most of the income providers are women, unfortunately, they are the ones that are mostly excluded from formal financial services since Nigeria has about 26 percent of adult Nigerians are financially excluded, the target for this year as mandated by the Central Bank of Nigeria is to attain 25 percent inclusion figure,” Mracajac added.

‘As we strive to grow financial inclusion, lack of access to financial services, low financial literacy among the populace, the prohibitive cost of financial services, and lack of trust in financial institutions are standing as roadblocks. Therefore, stakeholders and various industry players should begin to adopt localization of financial literacy and education, reduce the minimal cost of accessibility for the people, and simplify products, and processes. She remarked.

The 2024 RegTech Africa Conference had a line-up of stellar speakers, case studies, panel discussions, engaging discussions, and unique presentations providing access to a wealth of industry-leading knowledge, sharing best practices and experiences, spotlighting trends, information exchange, cutting-edge insights, and outlooks with actionable takeaways.

 

ABOUT 9 PAYMENT SERVICE BANK

9 Payment Service Bank (9PSB) is a registered Nigerian bank operating under the approval of CBN to provide unique banking services to the underbanked, and unbanked, as well as innovative services to individuals with bank accounts. 9PSB operates as a fully digital bank and runs its agency network. 9PSB is a bank for everyone accessible by everyone and offers a seamless online & offline banking experience. For more information visit: www.9psb.com.ng

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