Through their flagship product, PAYREP, digital payment service bank 9 Payment Service Bank (9PSB) and licensed super-agent service provider XCHANGEBOX have formed a strategic alliance to offer agent banking solutions to small and medium-sized businesses (SMEs) in rural areas.
The cooperation was signed at the 9PSB headquarters in Victoria Island, Lagos.
The partnership aims to further enhance financial inclusion, enable co-creation of solutions that will assist revolutionize customers’ payment experiences in Nigeria, and close the gap between the banked and the unbanked/underbanked.
The PAYREP Agency Platform will be used as a means of offering customized services to its agents, SMEs, merchants, and clients through this cooperation.
During the two businesses’ Memorandum of Understanding signing, 9 Payment Service Bank’s CEO, Branka Mracajac, reaffirmed the bank’s dedication to financial inclusion.
She added that by utilizing its agent networks to reach SMEs, retailers, and customers, the two companies can now offer more financially inclusive products and services. She stated that this strategic cooperation will further enhance payment solutions.
“Financial inclusion is a major social goal for 9PSB, and we have always worked with important partners to fulfill our mission by giving the underbanked and unbanked in rural and semi-urban areas simple access to financial services.
We hope to offer outstanding products that will enhance and expand access to financial services in every corner of the nation through our unique collaboration with XCHANGEBOX. We hope that this would meet the needs of small business owners and all Nigerians, Mr. Acajac continued.
XCHANGEBOX’s Chief Executive Officer, who was represented by Co-Founder/CCO Abiola Jimoh at the Memorandum of Understanding (MoU) signing ceremony, stated that the company’s goal in forming the partnership was to advance payment solutions, particularly in Northern Nigeria, where the majority of its operations are situated.
He said that by working together to create tailored products that would address the expanding demands of clients utilizing its main platform, PAYREP, the relationship will enable financial inclusion through its extensive agent networks to users, SMEs, and merchants.
