Airtel Africa launches Smartcash payment service bank in Nigeria

Airtel Africa launches Smartcash payment service bank in Nigeria
L-R: Chairman of Smartcash PSB Ltd, Dr. Kingsley Umadia; Lagos State Commissioner of Finance, Dr. Rabiu Olowo; Chief Human Resources Officer, Airtel Africa, Rogany Ramiah; Group Chief Executive Officer, Airtel Africa, Dr. Segun Ogunsanya; Special Advisor to the President on Social Investments, Mrs. Maryam Uwais; Managing Director & Chief Executive Officer, Airtel Nigeria, Surendran Chemmenkotil and Chief Executive Officer, Smartcash PSB, Muyiwa Ebitanmi at the launch event of Smartcash PSB at Eko Hotel and Suites, Victoria Island, Lagos on Thursday, June 30, 2022

Airtel Africa, a leading provider of telecommunications and mobile money services with a presence in 14 countries across Africa, has today launched SmartCash Payment Service Bank, its wholly-owned subsidiary, to provide secure and reliable financial services across Nigeria.

Headquartered in Lagos, it is accepting deposits from individuals and small businesses, carrying out 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.

Plans are underway to expand the innovative, technology-driven services to all parts of the country, including the furthest and most remote, in an effort to accelerate financial inclusion for all Nigerians.The launch follows the granting of a license by the Central Bank of Nigeria. Already, SmartCash targets reaching the 36.8 per cent 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 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.’’

The 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 is powered by technology and is relevant to their needs”.