The financial industry in Nigeria is undergoing a significant transformation as digital payments have become the major driver of the sector.
As businesses, particularly banks and fintech companies, strive to capitalize on innovative digital payment solutions to drive growth and profitability, it is essential to develop solutions that cater to the unique needs of consumers.
Consequently, digital wallets have become increasingly critical, providing a powerful product for enhancing customer satisfaction while creating new revenue opportunities for financial institutions.
According to the “Global Alternative Online Payment Methods 2024” report, by Market Research, the global value of digital wallets is projected to experience a growth rate of over 14 percent between 2023 and 2030, reaching an estimated value of over $10 trillion.
Despite the significant opportunities presented by digital wallets, financial institutions and businesses face several challenges in adopting it, such as the high cost of building robust wallet infrastructures and finding it difficult to get scalable technology platforms that enable their businesses to easily integrate with new systems.
Financial experts believe that to stay competitive and capture a share of this rapidly expanding market, financial institutions must leverage digital wallets to meet evolving consumer preferences and secure long-term growth.
In furtherance of its commitment to driving the growth of businesses and deepening digital payment, 9 Payment Service Bank, (9PSB) Nigeria’s leading payment service bank dedicated to advancing financial inclusion has developed a Wallet-as-a-Service (WaaS) product that addresses these prevailing challenges and enhance business growth.
9PSB WaaS is designed to enable businesses including commercial banks, microfinance banks, fintechs and merchants to provide their customers with an efficient, user-friendly way to manage funds, make payments, and transfer money.
9PSB WaaS solution offers a seamless API integration process, allowing businesses to quickly embed wallet functionalities into their platforms and provide instant wallet creation for customers to start using digital payment and fund management services.
The 9PSB WaaS supports diverse use cases like peer-to-peer transactions, merchant payments, and disbursements, while ensuring regulatory compliance and facilitating seamless money transfers within and outside the ecosystem. It also provides real-time notifications and offers competitive transaction charges for cost-effective services.
Speaking about the cutting-edge product, Osa Odiase, acting chief executive officer of 9 Payment Service Bank, said,
“We launched WaaS to empower businesses including banks, fintech and merchants to unlock growth opportunities and drive transformation of the payment ecosystem. The solution is designed to meet the unique needs of customers, offers a seamless way to integrate digital wallets, driving efficiency, and ultimately boosting profitability in the fast-evolving digital payment landscape.”
The WaaS solution underscores 9PSB’s commitment to advancing financial inclusion in Nigeria. Some financial institutions, such as Chipper Cash, have partnered with 9PSB and are already leveraging the innovative 9PSB WaaS solution to drive growth.
The financial landscape is increasingly competitive, with industry players consistently innovating and offering world-class solutions to customers.
With consumers now spoiled for choice, their expectations for innovative offerings are higher than ever.
To stay relevant and meet these evolving demands, businesses must embrace and leverage digital wallets to gain market share.
In a market saturated with options, those that integrate digital wallet products into their offerings are better positioned to retain and attract customers, ensuring they stay ahead of the competition.
9PSB is committed to providing businesses with innovative solutions like WaaS, enabling them to overcome challenges, increase revenue streams, expand market share, and thrive in the digital payment ecosystem.
9PSB is not resting on its oars as the company has also introduced a range of digital payment products and solutions, such as 9PSB VAS and 9PSB Virtual Account, among others, that have made it easier for businesses to offer their customers with multiple digital payment options.
9PSB is revolutionizing the financial space by continuously innovating and offering cutting-edge solutions that meet the unique needs of businesses.
To get the 9PSB WaaS and other solutions, you can reach out by emailing ask@9psb.com.ng.
