One in six Africans is a Nigerian. Yet, according to the National Bureau of Statistics, 73million Nigerians were “financially excluded” in 2020: only one in five Nigerian adults and 38 percent of Nigerian households report having a bank account.

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Branka Mracajac, MD and CEO at 9 Payment Service Bank (9PSB) says that these figures point to an opportunity for Nigeria’s growing financial sector:

“Across Africa there is a gap between the financially active population and the under-served and financially exploited population. There are basically two Nigerias: one of technology-driven digital natives, creating successful Fintechs. The other side has limited access to the internet due to their location or absence of infrastructure.”

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Can these “two Nigerias” be brought together? Nasiru Isyaku, Executive Director of Finance and Banking Operations says that the underlying causes need to be addressed:

“Institutional barriers and perception impede people and small businesses from accessing basic financial services, such as formal bank accounts, receipt of payments, and forms of savings and investments. The prevailing perception in Nigeria is that banking is elitist.”

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Mracajac says that in the situation gives 9PSP a clear call to action:

“Our mandate is to bring these two worlds together, and we are set on the mission to bank Nigeria.”

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This means that the company has to address the access gaps for the most exploited groups in Nigeria: women, Northern Nigerians, Nigerians in rural areas and young people. The problem is magnified by affordability, a lack of infrastructure, low awareness and significant language barriers.

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Mracajac is not daunted by the scale of the issues:

“In the past 10 years, the federal government of Nigeria has produced some of the best financial inclusion, financial literacy, and cashless policies. Yet the needle wasn't moving and it became obvious that execution was the missing link.”

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9PSB duly became the first payment service bank licensed by the CBN in early 2020 with a single mandate to close the financial exclusion gap. Shola Ogunyemi, Head Marketing Communications and Customer Experience at 9PSB says that the change has been dramatic:

“Since being licensed in 2020, we have become recognized as the authentic and leading voice of the payment service banking and financial inclusion space by the regulator, stakeholders, and the end beneficiaries. This is due to the serious investment we have made in localized financial education as a precursor to achieving the change of attitude and practice that would achieve appreciable financial inclusion results.”

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Ogunyemi highlights the three customer experience pillars that he says are driving the change: “People”, which immerses all stakeholders in the company culture as well as social and service excellence objectives; “Process”, which represents an investment in new technology and infrastructure to guarantee productivity, support and issues resolution to customer bases; and “Product”, an intensive, ongoing, insider-first approach to product knowledge. Ogunyemi says:

“This is to enable us to provide excellent financial education, onboarding advisory and issues resolution to the partners and customers, which then ensures robust engagement and retention.”

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Martine Medac, Head Business Development & Strategy at 9PSB says that accessibility is vital:

“Product delivery and customer experience is at the core of delivering financial services to the financially excluded, irrespective of their background or previous experience with banking services.”

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Alex Ohai, Head Human Resource at 9PSB says that ending exclusion begins within the bank itself:

“The future of work means a business designed with people at the center and human-centered leadership. We are building an inclusive, diverse, and equal opportunity workplace based on global best practices. We take pride in how we support our staff, especially the women working with us, and in supporting our customers, striving to create personal values for themselves and their families through our product and services.”

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Nasiru Isyaku says that the wider goal can only be achieved through building bridges:

“We have positioned 9PSB as open to collaboration with like minds in financial education and inclusion. We have a network of agents all over the country. We want to be remembered as the bank that brings financial services to your doorstep and unlocks your potential to create wealth and a better life for your family.”

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Branka Mracajac says that the ambition is not just to catch up but to lead the way:

“Africa is the next Tech, innovation and prosperity destination. We are committed to preparing every single Nigerian to benefit and flourish in that future through financial education, which will lead to their financial inclusion and personal as well as communal prosperity.”

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