Today, SmartCash Payment Service Bank Limited (‘SmartCash PSB’) a subsidiary of Airtel Africa, a leading provider of telecommunications and mobile money services, with a presence in 14 countries across Africa, has commenced operations in Nigeria.
TechEconomy.ng reports that the services will initially be available at selected retail touchpoints, and operations will be expanded gradually across the country over the next few months.
Commenting on the SmartCash PSB operations, Segun Ogunsanya, Chief Executive Officer, Airtel Africa said:
“I am very excited to announce our commencement of operations for financial services in Nigeria through SmartCash PSB. This is the beginning of our journey to revolutionise the financial services landscape in the country. To help further digitise the economy, and most importantly to help bank the unbanked by reaching the millions of Nigerians who do not currently have access to financial services by delivering current and savings accounts, payment and remittance services, debit and prepayment cards and more sophisticated services.”
In November 2021, the Central Bank of Nigeria (CBN) granted Airtel an approval to operate Payment Service Bank.
The essence is to bring more people into the financial inclusion space as about 36 percent of the adult population, representing 38 million citizens, do not have access to financial services in Nigeria.
Airtel Africa offers an integrated suite of telecommunications solutions to its subscribers, including mobile voice and data services as well as mobile money services both nationally and internationally.
The Group aims to continue providing a simple and intuitive customer experience through streamlined customer journeys.