Firm supports agribusiness sector with digitised payment solutions
A service provider, 9 Payment Service Bank (9PSB), has committed to growing Nigeria’s agricultural value chain by supporting the payment needs of farmers through accessible, easy and inclusive payment solutions.
The Chief Executive Officer, 9PSB, Branka Mracajac, gave the assurance while speaking at a forum in Lagos recently.
Delivering a keynote presentation titled, “Digitising Payment & Agricultural Value Chain Financing for Smallholder and Commercial Farmers,’ Mracajac said the solution to solving the problem of the country’s agricultural value chain is two-pronged: the need to increase funding and to digitise payments in the agricultural 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 in financial literacy.
She said although, there was an increase in the uptake of digital financial products and payment platforms in Nigeria, most farmers in rural Nigeria are unbanked and have little or no access to formal financial services.
Citing the challenges that lack of access poses to the farmer, she said: ‘’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 product does not accept or understand or trust digital modes of payment.’ ’
Mracajac further stressed the need for collaboration among stakeholders to create solutions that enhance the agricultural value chain in Nigeria, stating that 9PSB is particularly invested in strategic partnerships and collaboration that enables accessible, seamless, efficient and inclusive financial service for all.
Also speaking at the event, the co-chair, Communication Sub-Committee, UN Food Systems Summit Nigeria Cohort, Richard Mark Mbaram, noted that in solving food security issues, there is a need to integrate smart solutions.
Speaking further, he said: “If we are looking at achieving a world free of hunger by 2030, we need to aggressively look into improving the capacity and productivity of farmers as well as expanding the market frontiers to make the agribusiness viable and attractive.”
The Vice President, Nigeria Agribusiness Group, Dr. Emmanuel Ijewere, spoke on creating an environment where Nigerian farmers are able to partake in global food export.
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