Telecommunications company Airtel Africa has launched SmartCash Payment Service Bank to provide safe and reliable financial services across Nigeria. The company had announced in May that SMARTCASH Payment Service Bank limited had secured the Central Bank of Nigeria’s approval to commence Payment Service Bank (PSB) operations.
Smartcash now accepts deposits from individuals and small businesses. The service also enables payment and remittance services within Nigeria and issuing debit and prepaid cards among other banking services. SmartCash also enables person-to-person payment and transfers from across the world. The service is currently available at selected retail touchpoints.
There are also plans to extend the service to all parts of Nigeria, including the furthest and most remote, to accelerate financial inclusion for all Nigerians. SmartCash targets reaching the 36.8 percent unbanked adult population in Nigeria, as estimated by the Access to Financial Services in Nigeria report.
Airtel Africa’s Group Chief Executive Officer, Segun Ogunsanya said, “The launch of SmartCash Payment Service Bank gives us fresh impetus at Airtel Africa, to continue growing our footprint in the continent and delivering innovative solutions. In the bank, we have the best of both worlds – a hybrid of commercial bank and mobile financial services – offering last-mile connection to the financially excluded. Through it, we want to contribute towards driving financial inclusion in Nigeria, to empower Nigerians while transforming the payment landscape in Nigeria and the rest of Africa.’’
Chief Executive Officer & Managing Director of SmartCash Payment Service Bank, Muyiwa Ebitanmi, said, “Through SmartCash Payment Services Bank, we aim to bridge the financial divide by providing rural and urban Nigerians access to innovative, highly secured and reliable banking services that are powered by technology and are relevant to their needs”.
