To create a seamless payment ecosystem for Nigerians, Flutterwave, Africa’s leading payments technology company, has partnered with 9 Payment Service Bank (9PSB) a Nigerian leading digital bank.
According to a joint statement issued by both companies on Monday, the collaboration seeks to facilitate seamless financial services by aggregating and simplifying transactions for banking agents, merchants, and consumers.
The coming together of the two would also support the drive for economic growth through empowerment of the Small Medium Enterprise (SME) sector, entrepreneurs in FinTech and other industries as well as facilitate the transformation of the informal sector to formal.
Speaking at the MoU signing ceremony, held at the 9PSB head office in Lagos, the Chief Executive Officer, 9PSB, Branka Mracajac stated that the collaboration between 9PSB and Flutterwave represents an important milestone in making banking services accessible to all.
According to her, the partnership supports both companies’ commitment to expand accessibility and serve as last-mile delivery of solutions to the unbanked, under-banked and underserved.
She said, “9PSB is at the forefront of driving financial inclusion and empowering customers with the license to be in charge and in control. Our partnership with Flutterwave sits at the heart of the various innovative solutions that we are constantly deploying to meet evolving demands.”
With this partnership, Flutterwave and 9PSB are jointly launching a suite of products to enable other corporate entities, FinTech, technology and other industries to take advantage of the robust end-to-end system available for payments, collections, and transactions for the banked, underbanked and unbanked.
The Founder & CEO, Flutterwave, Olugbenga Agboola while commenting on the choice of 9PSB as its settlement bank, noted that both companies share same vision and are committed to one goal of powering seamless financial services.
Agboola said, “At Flutterwave, we believe in an ecosystem of shared value that transforms and impacts the society. We are showcasing the power of strategic partnership and cross-sectoral collaboration in advancing Nigeria’s financial ecosystem.”
A paper published by the CBN—Financial Inclusion in Nigeria; Issues and Challenges, admits that there is global consensus on the importance of financial inclusion due to its key role of bringing integrity and stability into an economy’s financial system as well as its role in fighting poverty in a sustainable manner.
The partnership between 9PSB and Flutterwave keys into various calls for interconnectivity and interoperability amongst stakeholders in the financial sector in accelerating the country’s financial inclusion drive to create prosperity and grow the economy.