9PSB_NG
“Can Nigeria's first payment service bank become the default embedded banking rail for fintechs serving the unbanked?”
Founded2020
HQLagos, Nigeria
IndustryBank / National
The story
9PSB was founded in 2020 as Nigeria's first payment service bank under the CBN's PSB framework, targeting financial inclusion for the unbanked and underbanked. It has since expanded from a consumer digital bank (Bank9ja app / USSD) into an embedded finance provider, offering Wallet-as-a-Service, Virtual Accounts, Payout APIs, and Merchant Collect to fintechs and businesses. As a PSB, its remit is deposit-taking, payments and remittances — not lending — which shapes the entire product surface.
Product timeline
2020
Founded as Nigeria's first payment service bank licensed by the CBN· banking
2024
Launched Bank9ja Merchant Collect cardless payment gateway· payments
2025
Rolled out new 9PSB Verve debit card program· card
Regulated entities
1
regulatory licence held by 9PSB_NG
Licence types, jurisdictions and registered entities are in the Embedded Finance Index report.
The stack
5 layers disclosed in 9PSB_NG’s embedded-finance stack
Payments / PSP
Bank9ja Merchant Collect (self-operated)
Banking / BaaS
in the full report
Card issuing
in the full report
Card network
in the full report
FX & payouts
in the full report
Accounting gap: significant
4 more providers across 4 layers, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.