If “banking the unbanked” was a popularity contest, both MTN and Airtel would be on the ballot. But in this match-up, the actual focus is—who’s earning your trust, not just your clicks?
Let’s get one thing right, Payment Service Banks (PSBs) are not miracles. They’re not here to solve every problem, but they’re supposed to make moving money simpler, especially for folks who’ve been historically locked out of formal banking.
Both MoMo PSB (by MTN) and Smartcash PSB (by Airtel) assert being at the forefront. But assertions are cheap. Apps crash, customer care ghosts you, and your money vanishes into a digital black hole. So, we decided to do what a lot of people won’t—tell you the truth, straight up.
This isn’t a hit job. Far from it. MTN and Airtel are partners in building digital Nigeria, and as stakeholders ourselves, we believe feedback (however blunt) is the only fuel for better service. So, here’s an honest comparison that’ll help them serve you better.
User Experience
If customer reviews were gospel, MoMo PSB would need a serious intervention. The app does well in terms of free data access, user-friendly design, international transfers, and a wide bouquet of services. But then, many users say it’s like dating someone with potential but no consistency. One day it works like a dream, next day you’re locked out, calling customer care that won’t pick.
Some reviewers seemed quite upset, with one stating: “I transferred 30k, couldn’t send it out, ended up buying airtime till it finished.” Others? Comedic: “This app is bipolar.”
Smartcash PSB isn’t walking on water either. Sure, there are users who say the app is “fast and sharp” and has “the best UI ever,” but others describe the app as a “fraud,” accuse it of withholding refunds, and complain about bugs so numerous they could start a farm.
“The bugs in this are enough to start a farm…you should be sued for making such an inconvenience for people.”
Another user’s review reads: “This is the worst financial app I’ve ever used in my life…focus on making your network better.”
Other issues range from false promises—like a supposed 100% bonus that turned out to be a measly 2%—to delayed refunds and locked accounts for no clear reason. Signing up alone is a challenge for many, with repeated errors, failed validations, and app crashes making onboarding an issue.
Hence: Both apps are frustrating in their own unique ways. If you’re lucky, they work. If you’re not, welcome to the club.
Features and Functionality
MoMo PSB offers a commendable menu: transfers, airtime/data, bill payments, diaspora remittances, and the popular USSD backup (*671#). Its data-free app use is a unique feature. MoMo’s latest “Refer & Win” campaign even dangles 50 years of airtime or data if you refer friends. Awesome.
Smartcash PSB isn’t behind in innovation either. From selfie-based identity upgrades to free 5GB bonuses on deposits, the platform clearly wants to hook users. It also supports international remittances and has a wider service ecosystem for rural users, with USSD backup (*939#).
But behind the bells and whistles are some very real cracks. MoMo users frequently complain of delayed transactions, login errors, and a customer support team that vanishes when needed most.
Smartcash users, while enjoying rewards, usually face uncredited transactions, poor refund processes, and exaggerated marketing claims. It’s not always what you get—it’s what you thought you were getting.
Winner: It’s a draw. Both MoMo and Smartcash offer attractive features, but execution is shaky.
Customer Service
On the subject of responsiveness, MoMo PSB’s record is bleak. Looking at WhatsApp to email to carrier pigeon, users say they’ve tried it all—no help in sight. One user wrote, “I am extremely disappointed with momo psb customer service. I reached out to them multiple times through email, WhatsApp, Instagram, and even by phone, yet received zero responses. A transaction was made to my account, and the money still hasn’t reflected. How can a bank operate with such poor communication and lack of responsibility when handling people’s finances?”
But Smartcash PSB isn’t exactly customer service royalty either. One customer’s ₦500,000 transaction failed, “This app lied to me, my money close to 500,000 did not enter my account and the money was with them.” Another waited days to verify their BVN, only to be told to start over. Even when issues are escalated, resolutions are usually delayed or unhelpful. A user bluntly called the support team “sad excuses for developers.”
Winner: Nobody. Both PSBs need to retrain their teams and reimagine what ‘support’ means.
Network and Agent Reach
Here’s where scale starts to matter. MoMo PSB, powered by MTN, has considerable reach, with 68,016 agents by the end of 2024. Though this was a decline from the 239,000 recorded earlier in the year, it was a deliberate act focused on prioritising higher-quality, more engaged users and optimising operational efficiency. It’s easy to find a MoMo agent in even semi-rural areas.
But Smartcash PSB, backed by Airtel, has built out its agent network to over 205,000 agents as of March 2024.
And where you can’t find an agent, the mobile app becomes your only hope. Unfortunately, that hope hangs on the app not crashing.
Innovation and Recognition
MoMo leads with incentives and a zero-data app. Smartcash counters with faster upgrades and stronger localisation. But in terms of public recognition, Smartcash PSB walks away with a prize—literally. It was named Outstanding Payment Service Bank of the Year (2024), a title MoMo is yet to match.
Who Should You Trust With Your ₦1,000?
Neither MoMo nor Smartcash apps are flawless, and your experience depends largely on luck, patience, and how urgently you need your money.
Smartcash PSB offers enticing rewards and a more stable app environment, but its trust issues and exaggerated promises are dealbreakers for some. MoMo PSB, with its data-free advantage and larger name recognition, sometimes has technical glitches and silence from customer care.
Our advice? Use both—cautiously. But keep your receipts, screenshots, and a backup plan.
Final Scorecard
| Category | MoMo PSB (MTN) | Smartcash PSB (Airtel) |
| App Performance | Laggy, frequent crashes | Buggy, login failures too |
| Customer Service | Unreachable, dismissive | Often delayed or unhelpful |
| Rewards & Incentives | Airtime/data for life promo | Data bonuses, 100% airtime bonus (sometimes) |
| Agent Network | Strong MTN-backed presence | Over 205,000 agents nationwide |
| User Feedback | Mixed to poor | Mixed to poor |
| Recognition | None reported | Industry award winner |
| International Services | Yes | Yes |
So, what’s your experience been like using MoMo or Smartcash PSBs? Are you team MoMo or Smartcash? Tag us @TecheconomyNG and let’s get the real conversation started.
Let this be a wake-up call for both the users and providers too. You’re not competing with each other. You’re competing with trust. And right now, both of you are overdrawing.
