“Can Nigeria's first payment service bank become the default embedded banking rail for fintechs serving the unbanked?”
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.
9PSB_NG discloses 9 Payment Service Bank Limited (in-house) as its banking provider, according to the Embedded Finance Index 2026.
9PSB_NG does not disclose a bank charter of its own; its banking services are provided through 9 Payment Service Bank Limited (in-house).
9PSB_NG processes payments through Bank9ja Merchant Collect (self-operated).
9PSB_NG's cards are issued through 9 Payment Service Bank Limited (in-house) on the Verve network.
9PSB_NG uses 9PSB Payout API (self-operated) for FX and cross-border payouts.
The Embedded Finance Index 2026 maps 5 layers in 9PSB_NG's stack: Payments / PSP (Bank9ja Merchant Collect (self-operated)); Banking / BaaS (9 Payment Service Bank Limited (in-house)); Card issuing (9 Payment Service Bank Limited (in-house)); Card network (Verve); FX & payouts (9PSB Payout API (self-operated)).
9PSB_NG is founded in 2020 and headquartered in Lagos, Nigeria.
Get a read on where your own stack stands against 9PSB_NG and the rest of its category — what they built versus bought, which providers they use, and where the gaps in your own strategy and competitive set actually are.