9PSB and LSETF Partner to Drive Financial Inclusion, Job Creation in Lagos

9PSB, one of the leading payment service providers in Nigeria, has announced its partnership with the Lagos State Employment Trust Fund (LSETF) to promote financial inclusion and job creation through comprehensive financial literacy and agent banking services. This strategic collaboration highlights both organisations' shared commitment to enabling economic development for Lagos State people through job and wealth generation.

This was disclosed in a statement by Branka Mracajac, CEO of 9 Payment Service Bank (9PSB) while commenting on the collaboration with LSETF. She stated that the strategic partnership initiative is aimed at providing top-notch financial literacy programmes to individuals and small businesses in Lagos state with a view to helping them understand and embrace financial inclusion better. 

Mracajac further stated ‘Financial Inclusion is a key social objective for us in 9PSB, and we have always partnered with the CBN and other key stakeholders in keeping with our mandate of providing easy access to financial services to the most underserved in society. In this partnership with LSETF, we aim to continue our empowerment of Nigeria’s youths, women and other vulnerable groups, using the bank’s agency banking offering which is a proven pathway to empowerment for the underserved in society. We hope this is the first of many such collaborations with government agencies across the Nation looking for development partners’’.

According to the Central Bank of Nigeria, nearly 80% of adults in Lagos State had access to formal or informal financial products and services in 2020, reflecting the growing support from both public and private sectors to improve residents' livelihoods and create wealth in the state. Source: Final_2020 Financial Inclusion Annual report.cdr (cbn.gov.ng).

The collaboration between LSETF and 9PSB aims to provide exceptional financial literacy and empowerment using the bank’s agent banking network as touchpoints to reach individuals and small businesses in Lagos State, while also leveraging the diverse range of products and services offered by 9PSB.

Director of Programmes and Coordination, Omolara Adewumi who represented Tejumola Abisoye, the Executive Secretary of LSETF, emphasized that this partnership is designed to drive financial inclusion by empowering Lagos residents to grow and scale their micro, small, and medium enterprises. Participants will also gain essential skills through specialized training on 9PSB's products and services across the Local Government Areas and Local Council Development Authorities (LCDAs). LSETF is committed to creating sustainable job opportunities and facilitating access through impactful partnerships for the benefit of Lagos businesses and residents.

Expressing enthusiasm about the collaboration, Omolara Adewumi further stated, "LSETF is delighted to partner with 9PSB to fulfil our mandate of generating employment and entrepreneurship opportunities for Lagos residents. We are actively seeking additional strategic alliances to reduce unemployment and enhance the capacity of Lagos residents."

Also speaking on the collaboration, Kunle Isiaka, Head Sales & Distributions at 9PSB stated that 9PSB intends to contribute to the partnership's success by co-facilitating training sessions for participants. ‘’As part of our obligation in this partnership, 9PSB will allocate resources, such as direct sales partners, strategic marketing initiatives, brand materials, and channels, to the Local Governments and Local Council Development Authorities (LGs and LCDAs). This effort would drive the adoption, usage, and accessibility of 9PSB's financial solutions in Lagos. By offering innovative and user-friendly payment solutions, 9PSB is actively contributing to the empowerment of the youth and people of Lagos, the growth of the state’s economy whilst also supporting local businesses.

The partnership between 9PSB and LSETF is expected to run for two years, during which the joint efforts will drive digital literacy, job creation at the grassroots level, and overall financial inclusion for all residents of Lagos State.