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9PSB Promises Low Transaction Charges, Attractive Commission

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9PSB 9mobile

By Adedapo Adesanya

9 Payment Service Bank (9PSB), as part of its efforts to reach more unbanked Nigerians and providing a more convenient way of banking, has officially launched its platform in Lagos, with the promise to have six million subscribers within one year.

Business Post had reported that the Central Bank of Nigeria (CBN) gave final approval to 9PSB to commence operations in fostering financial inclusion drive in the Nigerian ecosystem in August 2020.

The debut of the platform becomes imperative as bank customers continue to encounter numerous challenges such as regular long queues in the banking halls, consistent network failure, stringent documentation to access credit facilities and frequent transaction/dispensing error, among others.

Speaking during the launch, the Chief Executive Officer (CEO) of 9PSB, Ms Branka Mracajac, said the service was launched to provide Nigerians more secure system to transact with ease and get rewarded for using the platform.

“You don’t have to go to the bank or need BVN to operate; all customers need is their phone number, which represents their account number.

“I would say there is a difference between our platform and other banking platforms. All a customer needed is to have a smartphone or feature device and that’s it, so there could be no rush hour,” she said.

On the targeted customers, she said: “I would say that we are targeting every Nigerian, of course, our purpose here is financial inclusion but we are not limited only to other banking populations. We think we can offer better services even for bank clients.

“We are independent of 9mobile, that is, we stand alone and not a branch of 9mobile. Our relationship is a business for business relationship. 9PSB has its own board; in fact, the regulator stipulates that it must be independent.

“We will deploy a wide network of agents in rural areas to start educating clients who don’t have the opportunity to have access to banking; we will also build trust and educate them on a daily basis on how to use banking services.”

On his part, a non-executive director in the firm, Mr Philips Oki, said: “We tend to reach over six million subscribers in our first year so, the growth is massive; in terms of return, the agents are going to be introduced to good remuneration in term of the commission that cannot be compared to in the industry, among others. Returning to our partner is another angle. Our partners are going to enjoy a lot because this is going to be first in Africa and in Nigeria.”

Also speaking, the Head of Product and Service Team, Mr Femi Balogun, said: “The challenges are huge and we are still facing them; challenges from CBN documentations to product development. Product development has been a challenge because we want to offer value, and because of that, we needed to review pay-point of the customers.

“The team went to Kano State to seat with the farmers to understand their pay-point, we also went to Maiduguri to meet the people in the IDPs camp; we were in Nasarawa, and Yobe because we want to deliver value. The challenges still continue because we will continue to improve.”

On charges, Mr Balogun said: “We have low transaction charges; we understand what our competitors are doing and we are bringing value; the more customers buy recharge cards on our platform, the more they get cashback in their account. Customers also get a commission for using the platform, which is why we are bringing it to the table.”

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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Banking

Standard Bank Hosts 2nd African Markets Conference

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By Modupe Gbadeyanka

The second African Markets Conference (AMC) will take place in Cape Town, South Africa, from Sunday, February to Tuesday, February 24, 2026.

The event, hosted by Standard Bank, will bring together global institutional investors, sovereign wealth funds, and African policymakers to catalyse the flow of capital into the continent’s most critical sectors.

The theme for this year’s edition is Mobilising Global Capital at Scale for Africa’s Growth and Development.

AMC 2026 will host a high-level delegation of decision-makers, ensuring that the dialogue leads to tangible commitments.

The conference will be structured around five high-impact pillars designed to move the needle on investment, including prioritising infrastructure as an asset class, accelerating the energy transition, deepening African capital markets and mobilising private capital, enabling intra-African trade and flows of capital, and addressing Africa’s sovereign debt and cost sustainability.

It is estimated that by 2050, Africa will add one billion people, more than half in cities, yet it invests only $75 billion of the $150 billion it needs annually for infrastructure. Standard Bank aims to use AMC 2026 to ensure that African priorities remain at the centre of the global financial discourse.

“This year’s engagement bridges the gap between policy ambitions and market realities. Africa urgently needs practical measures to deepen capital pools, improve market liquidity, and strengthen regulatory frameworks that give investors the confidence to deploy capital at scale.

“Mobilising capital is not just about funding projects; it is about building the foundation of a more balanced and inclusive global economy,” the chief executive of Corporate and Investment Banking at Standard Bank Group, Luvuyo Masinda, stated.

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Fidelity Bank Shows Love to Ikoyi Correctional Centre Inmates

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By Aduragbemi Omiyale

Inmates at the Ikoyi Correctional Centre in Lagos were recently full of joy when Fidelity Bank Plc donated some relief items to them.

The financial institution, through its Corporate Social Responsibility (CSR) initiative known as Fidelity Helping Hands Programme (FHHP), handed over various household tools and gift items to the leadership of the correctional facility as part of its efforts to support the rehabilitation and development of indigent persons in society.

The Chief Human Resources Officer of Fidelity Bank, Mr Charles Nwachukwu, reaffirmed the bank’s deep commitment to transforming lives and restoring hope, emphasising that true progress lies not only in financial growth but in extending compassion and opportunity to those that society often overlooks.

“At Fidelity Bank, we believe that every individual deserves a second chance. Our approach to Corporate Social Responsibility is rooted in empathy, standing with communities, uplifting the vulnerable, and opening doors for brighter futures.

“By supporting inmates today, we are setting them on the true path of rehabilitation, empowering them to return tomorrow as productive and confident members of society,” the banker said.

The Deputy Controller of Corrections at Ikoyi Custodial Centre, Mr Julius Ogueri, who could not hide his excitement over the gesture, appealed to Nigerians to avoid cybercrimes and stigmatisation of ex-inmates.

Highlighting the challenges faced by correctional facilities in Nigeria, Mr Ogueri noted that Ikoyi correctional center initially designed for 800 inmates, now houses over 3,000 inmates, with 396 convicted persons and 3,604 awaiting trial.

Whilst thanking the bank, the Deputy Controller also emphasised the importance of rehabilitation, citing examples of inmates who have pursued education and skills acquisition, including 72 inmates studying with the National Open University of Nigeria and 120 inmates who have benefited from WAEC and GCE support.

Business Post reports that through the FHHP, staff across Fidelity Bank branches nationwide identify crucial interventions needed in their immediate community and raise funds to execute them. The bank’s management then matches this contribution with an equal amount and disburses it for the selected project.

The visit to the Ikoyi Correctional Centre reinforces the lender’s unwavering commitment to meaningful community impact and demonstrates its strong dedication to advancing social responsibility and rehabilitation efforts across the society.

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Ecobank Nigeria Introduces Business App for SMEs to Accelerate Growth

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By Dipo Olowookere

A new digital banking platform created to help business owners in the country to eliminate delays, queues, and operational inefficiencies has been introduced by Ecobank Nigeria.

This mobile application is to strengthen the growth and sustainability of Small and Medium Enterprises (SMEs) across Nigeria, allowing them to manage payments, monitor transactions, oversee cash flow, and run day‑to‑day financial operations directly from their mobile devices.

The Ecobank Business app, now available on the Google Play Store and Apple App Store, cements the bank’s position as a dependable growth partner to SMEs across all sectors, delivering tools that help businesses manage better, grow faster, and operate more competitively in a digital economy. – Ecobank Business — Your Growth Partner.

The introduction of this initiative further reinforces Ecobank’s broader commitment to empowering SMEs through digital innovation, sector‑specific value propositions, and financial solutions like structured loans, trade support, guarantees, and equipment financing.

It also aligns with the lender’s push to re-energise dormant SME accounts, deepen market penetration, promote digital adoption, and scale value‑chain financing through partnerships with corporate anchors.

According to the Executive Director for Consumer and Commercial Bank at Ecobank Nigeria, Mr Kola Adeleke, the Ecobank Business App was developed to address the unique challenges faced by Nigeria’s diverse SME landscape.

Speaking at the unveiling in Lagos, he explained that the platform caters to traders, retailers, tech start-ups, online businesses, hospitality operators, farmers, agro‑processors, manufacturers, construction firms, professionals, social commerce entrepreneurs, schools, associations, and organisations that require transparent and efficient financial management.

Mr Adeleke noted that the app delivers faster payment collection for merchants and retailers, seamless digital transactions for online businesses, efficient vendor and staff management for hospitality players, timely payment solutions for agriculture value chains, and secure handling of bulk and high‑value transactions for manufacturers and construction firms.

He added that professionals such as lawyers and consultants can issue invoices and receive payments easily, while schools and associations can streamline fees, dues, and reporting from a single platform.

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