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Nigeria: 9PSB to introduce Digital Payments Solutions for farmers

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9 Payment Service Bank (9PSB) has promised to provide solution to payment needs of farmers through accessible, easy and inclusive payment solutions.

The Chief Executive Officer, 9PSB, Branka Mracajac during the Vanguard Economic Forum Series held in Lagos, assured the audience that 9PSB is making efforts to improve Nigeria’s agriculture value chain.

The presentation was titled, “Digitizing Payment & Agricultural Value Chain Financing for Small Holder and Commercial Farmers”

Mracajac noted that the solution to solving the problem of the country’s agriculture value chain is two-pronged:

The need to increase funding -which farmers have easy access to – for Agribusiness, and The need to digitise payments in the agriculture value chain.

According to her, while there are ongoing efforts to solidify the country’s financial inclusion mandate, it is important to speed up actions on addressing the gap on financial literacy.

“Although, there is an increase in the uptake of digital financial products and payment platforms in Nigeria, the fact remains that most farmers in rural Nigeria, are unbanked and have little or no access to formal financial services, including adequate information on the most basic elements of financial concepts.’’

‘’If you therefore visit the yam and garri market at Iseyin, in Oyo state where, for instance, there is a hub of these small-scale farmers, you will discover that a lot of the payments for farm produce and other services are cash transactions.

People travel from major Southwest cities carrying heavy cash for their goods, because the farmer from whom they buy the products does not accept or understand or trust digital modes of payment.’’

She concluded that lack of proper enlightenment on the importance of digitized payment methods poses a great challenge to farmers.

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