Airtel has officially commenced operations for SmartCash Payment Service Bank (SmartCash PSB), a wholly-owned subsidiary.
SmartCash PSB is headquartered in Lagos and will enable secure and reliable financial services across Nigeria. The PSB accepts deposits from individuals and small businesses, carrying out payment and remittance services within Nigeria, and issuing debit and prepaid cards among other banking services.
Speaking on the commencement of SmartCash PSB, Segun Ogunsanya, Airtel Africa’s Group Chief Executive Officer (CEO), said that plans are underway to expand the innovative, technology-driven services to all parts of the country, including the furthest and most remote, in order to accelerate financial inclusion for all Nigerians.
“The launch of SmartCash Payment Service Bank gives us fresh impetus at Airtel Afrca, 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 financially 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,” he said.
In addition, the Chief Executive Officer & Managing Director of SmartCash PSB, Muyiwa Ebitanmi, said that the service bank will improve access to banking services powered by technology.
“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 is powered by technology and is relevant to their needs”.
Geeky Nigeria reports that SmartCash was established in 2022 following the approval of the Central Bank of Nigeria to actualize its financial inclusion goal for every Nigerian, especially the unbanked and underbanked.
SmartCash enables Person-to-Person payment service (P2P) that allows individuals send and receive money from anyone around the globe through their mobile phones or at the nearest merchant shop outlet. The primary purpose of SmartCash is to deepen financial inclusion, appropriating high-volume and low-value transactions in a safe, technology-driven environment.