Banking
9PSB Promises Low Transaction Charges, Attractive Commission
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.”
By Modupe Gbadeyanka
About N3.6 trillion has been repaid to the Central Bank of Nigeria (CBN) by the Asset Management Corporation of Nigeria (AMCON) since its inception in 2010.
This information was revealed by the chief executive of AMCON, Mr Gbenga Alade, during a media parley to update the press on the activities of the agency.
Mr Alade said at the moment, the organisation still owes the central bank about N3 trillion for toxic assets of banks in the country.
He praised the organisation for its asset recovery drive, stressing that when compared with others across the world, Nigeria has done well.
“It is important to stress that the corporation has done tremendously well, especially when compared to other notable government-owned Asset Management Corporations around the world.
“Based on the balance at purchase, AMCON outperformed other Asset Management Corporations all over the world by achieving over 87 per cent in recoveries despite the unique challenges associated with debt recovery in Nigeria.
“The Malaysian Danaharta, which is adjudged one of the best performing Asset Management Corporation’s, only achieved 58 per cent. The Chinese Asset Management Corporation, despite its stricter laws, achieved just 33 per cent.
“Only the Korean Asset Management Corporation (KAMCO), South Korea, has achieved more recoveries than AMCON, with about 100 per cent. This was due to their brute force with which they chased the obligors.
“Despite KAMCO’s recovery records, the agency is still operational to date with slight realignments in its mandate.
“Other noted Asset Management Corporations that have transitioned into a perpetual institution of the various governments include, China Asset Management Company, Federal Deposit Insurance Corporation (FDIC) USA, and KFW Germany.
“So, gentlemen, without sounding immodest, AMCON has done well, and we will not relent until all the outstanding debts are fully realized,” Mr Alade stated.
On the financial performance of AMCON, he said last year, the firm posted a revenue of N156.25 billion and operating expenses of N29.04 billion, while for the 2025 fiscal year should be a revenue of N215.15 billion and operating expenses of N29.06 billion.
By Modupe Gbadeyanka
One of the non-interest banks in Nigeria, The Alternative Bank (AltBank), has opened a new branch in Effurun, Delta State.
The new office will serve the Edo-Delta region and provide purposeful banking and real financial empowerment for individuals, entrepreneurs, and businesses, a statement from the firm stated.
The lender disclosed that the Effurun branch is a bold move in its mission to reshape banking in Nigeria.
The launch was graced by key dignitaries, including the Ovie of Uvwie Kingdom, Emmanuel Ekemejewa Sideso Abe I; the Chairman of Uvwie Local Government, Anthony O. Ofoni, represented his vice, Andrew Agagbo; and the Special Adviser to the Governor of Delta State on Community Development, Mr Ernest Airoboyi; amongst others.
The Divisional Head for South at The Alternative Bank, Mr Chukwuemeka Agada, emphasised the institution’s commitment to Warri and its surrounding communities.
“By establishing a presence here, we are initiating a transformation in the way banking serves the people of Delta. Our purpose-driven approach ensures that customers’ financial goals are not just met but exceeded,” he stated.
“This branch represents our pledge to empower Warri’s dynamic businesses and families, providing them with the tools to grow without compromise,” Mr Agada added.
“We understand the heartbeat of this community, and we are excited to integrate our bank into the fabric of this dynamic region,” he stated further.
On his part, the representative of the Ovie, Mr Samuel Eshenake, challenged the bank to facilitate development and employment within the Effurun community.
The Regional Head for Edo/Delta at The Alternative Bank, Mr Akanni Owolabi, embraced this challenge, pledging that the bank will work sustainably to drive local commerce.
“At The Alternative Bank, we are committed to being an active partner in the development of Effurun. We see this branch as a catalyst for creating opportunities, driving employment, and supporting the growth of local businesses.
“Our mission is to empower this community, ensuring that every step forward is one of progress, prosperity, and shared success.”
By Aduragbemi Omiyale
A partnership aimed to enable seamless, real-time and secure transactions for cardholders across Africa and the rest of the world has been entered into by Payattitude and PAPSSCARD, the card scheme initiative of the Pan-African Payment & Settlement System (PAPSS).
The collaboration will allow Payattitude cards issued by banks and other deposit-taking institutions to be co-branded with PAPSSCARD, Discover, Diners and Pulse for acceptance across their networks in Nigeria, Africa and worldwide.
As an initiative of the African Export-Import Bank (Afreximbank) and a key financial infrastructure supporting the African Continental Free Trade Area (AfCFTA), the PAPSSCARD scheme will facilitate instant cross-border payments in local currencies.
“This partnership reflects our commitment to cross-enterprise alliances and enabling inclusive, efficient, and borderless payments across Africa and the world
“With Payattitude, Nigerian cardholders and financial institutions can now enjoy the benefits of a Nigerian card that can be used worldwide,” a director at Payattitude, Dr Agada Apochi, said.
The acting chief executive of PAPSSCARD, Mr John Bosco Sebabi, said the aim is “to connect African payment ecosystems, reduce the cost and inefficiencies of cross-border payments, and strengthen African sovereignty over payments infrastructure.
“Collaborating with Payattitude, a key innovator in Nigeria’s payment space, represents a significant step towards a more unified African payment landscape.”
The chief executive of PAPSS, Mr Mike Ogbalu, said, “By bringing together PAPSSCARD’s robust cross-border payment capabilities with Payattitude’s leadership in the Nigerian digital payments, we are taking tangible steps toward building a single African market where individuals and businesses can transact easily and securely, both within and beyond Africa.”
Payattitude is the first-in-kind Nigerian Payment Scheme to pioneer multibank App and USSD Code *569#.
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