Nigeria’s monetary panorama has been present process a quiet however vital transformation, and on the coronary heart of it are Fee Service Banks (PSBs).
Designed to deepen monetary inclusion, PSBs are bridging the hole between conventional banks and the hundreds of thousands of Nigerians who stay exterior the formal monetary system.
Fee Service Banks are a particular class of banks licensed by the Central Bank of Nigeria (CBN) to supply primary monetary companies, particularly to individuals in rural areas and the unbanked inhabitants.
They don’t seem to be full-fledged business banks, however they play a vital function in making monetary companies accessible to underserved communities.
The CBN launched PSBs in 2018 as a part of its broader monetary inclusion technique aimed toward bringing 95% of Nigerians into the formal monetary system.
The thought was easy: if cell community operators, fintechs, and different non-traditional gamers may leverage their huge attain and know-how, they may ship banking companies sooner and extra effectively than standard banks in distant areas.
At the moment, licensed PSBs in Nigeria embrace MTN’s MoMo Fee Service Bank, Airtel’s SmartCash PSB, 9PSB (9mobile’s subsidiary), Hope PSBank, and Globacom’s MoneyMaster PSB.
Apparently, out of the 5 licensed PSBs, 4 are owned by cell community operators.
By regulation, PSBs are allowed to carry out a restricted vary of banking and payment-related companies. Their focus just isn’t on company banking or advanced lending, however on easy, high-impact monetary transactions that may enhance on a regular basis lives.
Listed here are the 5 people piloting the affairs of those PSBs to bridge the digital inclusion hole in Nigeria.
Tunde Kuponiyi leads SmartCash PSB, the fintech subsidiary of Airtel Nigeria. He’s a seasoned banking govt with over 24 years of experience in varied elements of the banking sector, together with Advertising, Treasury, Operations, Product Improvement, and e-Banking.
With core banking expertise at Ecobank, Kuponiyi turned the pioneer Managing Director of Hope PSBank, a place he held between December 2019 and November 2022. He later moved to Globacom’s MoneyMaster PSB, the place he additionally served as the corporate’s CEO from November 2022 to June 2024.
SmartCash, below Kuponiyi’s management, not too long ago introduced Zero-Costs, a complete elimination of transaction charges throughout all interbank transfers, invoice funds, and brief message service (SMS) notifications. Based on him, the innovation was launched to ease monetary strain on households and small companies whereas accelerating broader monetary inclusion throughout Nigeria.
He holds an MBA in Advertising from the College of Liverpool (2008-2010).
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