Localised financial literacy to reduce cost of accessibility – 9PSB boss

Branka Mracajac, Managing Director, and Chief Executive Officer of 9 Payment Service Bank (9PSB), has called on industry stakeholders to deepen the adoption of localised financial literacy and education to reduce the cost of accessibility for Nigerians.

“Stakeholders and various industry players should begin to adopt localisation of financial literacy and education, reduce minimal cost of accessibility for the people, simplified products, and processes,” Mracajac said during the 2024 Regtech Africa conference held recently in Lagos.

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Themed, ‘Harnessing Partnerships for Africa’s Prosperity – Bridging the Data Trust Gap’, Mracajac said that financial inclusion remains a key focus in Nigeria and Africa, and plays a significant role in reducing poverty and fostering the prosperity of the people.

According to her, lack of access to financial services, low financial literacy among the populace, the prohibitive cost of financial services, and lack of trust in financial institutions are standing as roadblocks to growing financial inclusion in Nigeria.

Mracajac in a keynote presentation re-emphasized that financial inclusion is the key enabler to poverty reduction and economic prosperity in Africa.

“Achieving the desired results requires a conscious effort by players in the industry to make financial products and services available, accessible, and affordable for all unbanked and underserved individuals, and businesses, regardless of their age, gender, geographical region, and socioeconomic status,” Mracajac said.

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The 2024 RegTech Africa conference was a convergence of financial experts and thought leaders in the FinTech industry across Africa, aimed at sharing knowledge and proffering strategies to increase data trust in the last mile digital financial service delivery.

It also aimed at empowering people with knowledge through financial literacy programmes and providing them with tools such as savings accounts and other payment options to participate in formal financial systems.