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East Africa Frontline News

NextFrontier Africa is a media platform spotlighting Africa’s emerging opportunities in technology, tourism, aviation, agriculture, health, logistics, real estate, trade, education, and e-commerce.

July 22.2025

2 Minutes Read

Unlocking Growth: How 9PSB’s Wallet as a Service is Changing Finance

The Rise of Digital Wallets in Nigeria’s Financial Sector

The financial industry in Nigeria is witnessing a dynamic shift, driven primarily by the rapid adoption of digital payment systems. As traditional banks and fintech companies compete for market share, innovative digital solutions are emerging as essential tools for enhancing customer engagement and driving profitability. According to the 'Global Alternative Online Payment Methods 2024' report by Market Research, the burgeoning digital wallet sector is expected to grow at an astonishing rate of over 14% between 2023 and 2030, potentially exceeding a market value of $10 trillion. This presents both a significant opportunity and challenge for financial institutions.

Challenges in Adopting Digital Wallet Solutions

Despite their potential, many businesses face substantial barriers in the implementation of digital wallets. High costs associated with infrastructure development and difficulties in integrating scalable technology platforms impede growth. Financial experts emphasize that remaining competitive in this evolving landscape necessitates leveraging high-quality digital wallets aligned with consumer needs.

9PSB’s Wallet-as-a-Service Solution: A Game Changer

In this context, 9 Payment Service Bank (9PSB) has introduced its Wallet-as-a-Service (WaaS) solution to address these challenges. Designed for commercial banks, microfinance institutions, fintechs, and merchants, 9PSB WaaS simplifies the process of integrating digital wallets into existing business frameworks. It allows for easy fund management, facilitating transactions such as peer-to-peer payments and merchant services while ensuring compliance with regulations.

Osa Odiase, the Ag. CEO of 9PSB, stated, "We launched WaaS to empower businesses, enabling them to harness growth opportunities and Transform the payment ecosystem." This initiative is particularly significant in a market where competition is fierce, and consumer expectations are high.

Future Outlook of Financial Inclusion in Nigeria

With partnerships already in place with various financial players like Chipper Cash, 9PSB’s WaaS product is set to propel the financial inclusion agenda further by providing efficient, user-friendly digital payment solutions for all Nigerians. As the financial ecosystem contemplates the next stage of its evolution, innovations like 9PSB’s WaaS are not just enhancing profitability but also reshaping consumer expectations.

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Unlocking Growth: How 9PSB’s Wallet as a Service is Changing Finance

The Rise of Digital Wallets in Nigeria’s Financial Sector

Challenges in Adopting Digital Wallet Solutions

9PSB’s Wallet-as-a-Service Solution: A Game Changer

Future Outlook of Financial Inclusion in Nigeria

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