9 Payment Service Bank (9PSB), Nigeria’s foremost and innovative digital payment service bank focused on financial inclusion, has entered into a strategic partnership with XCHANGEBOX, a leading licensed Super-Agent service provider, to deliver agent banking solutions to rural, small, and medium-sized enterprises via their flagship product, PAYREP. The signing ceremony of the partnership took place at 9PSB head office in Victoria Island, Lagos.
The collaboration is aimed at facilitating the co-creation of products that will help to revolutionize customers’ payment experiences in Nigeria, with the goal to further deepen financial inclusion and bridge the gap between the banked and the unbanked/under-banked. Through this partnership, the PAYREP Agency Platform will be used to provide tailor-made services to its Agents, SMEs, merchants, and customers.
The Chief Executive Officer of 9 Payment Service Bank, Branka Mracajac reiterated the bank’s commitment to financial inclusion during the signing of the Memorandum of Understanding between the two companies. She said this strategic partnership, will further deepen payment solutions. With the partnership, 9PSB and XCHANGEBOX can now offer more financially inclusive products and services by leveraging on its agent networks to reach small and medium-scale enterprises (SMEs), merchants and customers.
‘’For us at 9PSB, financial Inclusion is a key social objective and we have always partner with various key stakeholders in keeping our mandate by providing easy access to financial services to the unbanked and under-banked in rural and semi-urban areas. With this very particular partnership with XCHANGEBOX, we aim to provide exceptional products that will improve and deepen access to financial services across every nook and cranny in the country. This we hope, will excite all Nigerians and SME owners, and address their needs.” Mracajac added.
Meanwhile, the Chief Executive Officer of XCHANGEBOX who was represented at the MoU signing ceremony by the Co-founder/CCO, Abiola Jimoh, said the company undertook the partnership to drive payment solutions especially in Northern Nigeria where most of its operations are based. He noted that the partnership would enable financial inclusion through its wide range of agent networks to customers, SMEs, and merchants by jointly creating specific products that will meet the growing needs of customers using its flagship platform, PAYREP.
He expressed optimism that the initiative would go a long way to address some of the specific challenges faced by agents and customers.
9PSB is Nigeria’s first Payment Service Bank operating under the approval of CBN to provide banking and financial inclusion services and initiatives for the under-banked, unbanked, as well as innovative services to individuals with bank accounts. The Company operates as a fully digital bank that runs its own agent banking network and offers seamless access to online & offline digital banking experiences that are most secure and trusted in sub-Saharan Africa.
Xchange Box Solutions Limited is Fintech Company that holds a Super-Agent license granted by the Central Bank of Nigeria. Our vision is centered on extending financial services through agent networks to SMEs in rural communities. PayRep by XchangeBox is our Agency Banking platform that manages an expansive agent banking network that extends throughout Nigeria.