Six years later, precisely on October 26, 2018, the CBN issued the Guidelines for the Licensing and Operation of Payments Service Banks, which in turn led to its approval for three Payment Service Banks to start operations on 28th of August 2020.
The Central Bank of Nigeria (CBN), earlier in its quest to reduce the number of Nigerians excluded from financial services from 46.3% to 20.0% by year 2020 based on its earlier commitment to the Maya Declaration, had in October 2012 set up the National Financial Inclusion Strategy (NFIS). A key part of this Strategy involved the establishment of Payment Service Banks with the aim of breaking the traditional barriers to financial inclusion and promoting low cost, convenient and secure financial services for all adult Nigerians, especially those at the bottom of the pyramid.
Two years on, 9PSB is staying true to this commitment by offering streamlined financial services while leveraging innovative digital technology to address the needs of customers as well as to provide them with seamless access to online and offline banking and payment experience.
