Airtel Africa, one of the foremost mobile telecoms company operating in Nigeria, disclosed that its subsidiary, SMARTCASH Payment Service Bank limited (‘Smartcash’) has secured Central Bank of Nigeria’s approval to commence Payment Service Bank (PSB) operations.
According to the Chief Executive, Airtel Africa, Mr. Segun Ogunsanya, “I am very pleased that Smartcash has been granted approval for a full PSB licence to operate a service bank business in Nigeria and we are now working towards commencement of business.”
This licence enables us to expand our digital financial products and reach the millions of Nigerians that do not currently have access to traditional financial services. We are delighted to be able to pursue our shared agenda with the Nigerian Government, the CBN and traditional financial institutions to further deepen financial inclusion in the country for the benefit of all citizens and the Nigerian economy,” he added.
Airtel Africa got the “Approval In Principle” to operate in November 2021 along with MTN Nigeria. However MTN Nigeria‘s Momo Payment Service Bank (PSB) was granted final approval to commence full operations in April 2022.
The Central Bank of Nigeria granted final approval to 3 Payment Service Banks – Hope PSB, 9 PSB, MoneyMaster PSB – in 2020. This now brings total number of PSBs in Nigeria to 5.
Mr. Segun Ogunsanya said more details regarding the commencement of operations would be presented with the company’s full year results announcement in May 2022.
