9 Payment Service Bank (9PSB) has committed to growing Nigeria’s agriculture value chain by supporting the payment needs of farmers, through accessible, easy and inclusive payment solutions.
The Chief Executive Officer, 9PSB, Branka Mracajac made the announcement and said there are ongoing efforts to solidify the country’s financial inclusion mandate. She pointed out 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 to digitise payments in the agriculture value chain.
Digital financial products
“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,’’ She said.
Citing the challenges that lack of access poses to the farmer, she remarked, ‘’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.’’
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