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 PSB 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.
Segun Ogunsanya, Airtel Africa’s Group Chief Executive Officer, 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.’’
Muyiwa Ebitanmi, the Chief Executive Officer & Managing Director of SmartCash Payment Service Bank, 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”.