9mobile Enters Digital Payment Space, Joins Airtel and MTN in Mobile Money Services

9mobile Secures CBN Approval to Launch Payment Service Bank, 9PSB

Nigerian telecom giant 9mobile has received final approval from the Central Bank of Nigeria (CBN) to launch its Payment Service Bank (9PSB), marking a major step in its expansion into the financial services sector.  

With this approval, 9PSB aims to drive financial inclusion across Nigeria, particularly targeting unbanked and underbanked communities. Through its dedicated USSD code (*990#) , users can perform seamless financial transactions at no cost, regardless of their mobile network. Additionally, 9mobile has deployed agent banking networks across urban and rural areas to facilitate cash deposits, withdrawals, and money transfers with ease.  

According to 9mobile CEO, Alan Sinfield, the launch of 9PSB aligns with the company’s commitment to enhancing financial accessibility for Nigerians.  

>“We are happy to be the first Payment Service Bank to provide all Nigerians with access to banking services and open up a digital world of possibilities to improve everyday lives. This milestone reinforces our dedication to supporting Nigeria’s financial inclusion goals.”

9mobile’s foray into mobile banking follows its 2018 partnership with UBA to introduce 9Pay, a mobile payments solution. The approval for 9PSB now positions it alongside competitors MTN’s MoMo and Airtel Money, both of which have made significant strides in digital payments across Africa.  

As the demand for mobile money services continues to grow, 9PSB is set to revolutionize financial transactionsby offering a secure, efficient, and accessible banking alternative to millions of Nigerians.