The announcement came at a press briefing in Lagos, where the bank formally unveiled its new campaign and demonstrated live transfers to other banks without fees.

Tunde Kuponiyi, Smartcash’s managing director and chief executive officer, said the bank’s focus is financial inclusion and access.

“There are seven global objectives that were adopted by the United Nations,” he said. “A very important aspect of this goal is financial inclusion.”

He linked the bank’s strategy to the Central Bank of Nigeria’s target to expand inclusion across the country. According to him, when more Nigerians are brought into the financial system, small businesses can access funds, grow and create jobs.

Kuponiyi said Smartcash obtained its payment service bank licence in 2022 and began operations the same year. Since then, he said, the bank has built products around affordability and access.

“We are making banking affordable, accessible and available to everyone,” he said.

The most interesting offer is zero charges on transfers and bill payments. Kuponiyi stated: “You’re not going to be charged anything on your money, be it P2P transfer, be it bill payment, you won’t get charged at all.”

He added that customers will also benefit from a savings product that pays 15% interest per annum, compounded daily. “We drop your interest in your account on a daily basis,” he said. “Irrespective of the number of times you withdraw we pay you interest. We don’t penalise you.”

Head of Legal, Ada Ubah, said the campaign is aimed at expanding awareness and deepening access.

“Through this campaign, we aim to increase awareness, expand access, and reinforce our commitment to bridging the financial gap across communities,” she said.

During the demonstration, funds were transferred from the Smartcash app to another Nigerian bank account, with receipt and free charges confirmed.

The bank has removed transfer fees, SMS alert charges and other transaction expenses, which it described as limitations to access. However, it clarified that stamp duty on transfers above N10,000 still applies because it is a statutory charge payable to the government.

On onboarding, the bank explained that customers can sign up using any mobile number, not only Airtel lines. After downloading the app, users verify their identity through their National Identification Number or Bank Verification Number, complete a facial capture and set a four-digit PIN. The phone number then serves as the account number.

For Airtel users, Smartcash also introduced a 10% instant cashback on airtime and data purchases made through the app.

Kuponiyi addressed issues about failed transactions and platform reliability. “Once a transaction fails, we have what we call auto reversal,” he said. “When transactions fail, we auto-reverse such transactions into the customer’s account.”

He added that customers can contact the bank’s care line through 939 for support.

Speaking about coverage, the bank said it leverages the nationwide footprint of its parent company, Airtel Nigeria, to reach all 774 local government areas. Customers can access services through agents across the country.

On remittances, Smartcash confirmed it has partnerships that allow inbound international transfers directly into customers’ wallets, though it did not disclose partner names.

The bank’s customer base has reached almost three million, counting users who have transacted within the last 30 days as active.

Explaining how the zero-charge model will be sustained, Kuponiyi said the bank operates within the traditional banking model of taking deposits and deploying them, but declined to provide detailed revenue breakdowns.

For now, Smartcash stresses that the zero-charge policy will continue. “It’s going to go on for as long as the objective behind it is met,” he said.

The Zer0-Charges innovation from Smartcash is designed to break down financial barriers and reduce costs for millions of Nigerians. It aims to drive the adoption of digital banking services, creating a more inclusive and affordable financial ecosystem that benefits both existing customers and new users, including those without a bank account.

At the unveiling of the service, Tunde Kuponiyi, CEO of Smartcash PSB, emphasized that the innovation will ease financial pressure on households and small businesses while accelerating broader financial inclusion across Nigeria.

He said,

“This is more than just a pricing adjustment; it is a revolution in how Nigerians experience digital banking. By removing fees across transfers, bill payments, and even SMS alerts, we are putting the customers at the center of financial innovation and inclusiveness. This initiative not only reduces costs for families and businesses but also opens the door for millions of unbanked Nigerians to confidently embrace digital finance without the fear of hidden charges.”

Kuponiyi further reiterated how millions of Nigerians depend on mobile and digital platforms for their daily transactions, and with the removal of fees, Smartcash PSB is set to reinforce its position as a truly customer-first organization, one that prioritizes affordability and drives financial inclusion and accessibility, while aligning with Airtel’s broader commitment to transforming lives through innovation and connectivity.

The Smartcash Zero-Charges model is designed to foster a more inclusive financial ecosystem. It is expected to set a benchmark in Nigeria’s financial services industry, with a potential to reshape customer expectations and industry standards.

“At Smartcash, we believe technology and financial services should empower, not limit. The launch of Zero-Charges underscores our commitment to enabling a more inclusive, accessible, and affordable financial ecosystem for Nigerians. This is about more than convenience; it’s about empowerment, giving every customer, from urban centers to rural communities, the opportunity to transact seamlessly without worrying about cost,” Kuponiyi added.

By removing charges, Smartcash is demonstrating its commitment to trust, transparency, and customer-first innovation.

Starting from ₦15,000, this new offering provides a convenient and affordable way for motorists to stay protected and compliant with national insurance requirements.

With this collaboration, new and existing Smartcash customers can now acquire or renew two types of Leadway Assurance motor insurance: the Third-Party Insurance and AutoBase Comprehensive Insurance, directly on the Smartcash app or by dialling *939#.

While the third-party motor insurance plan offers the legally required minimum cover, protecting motorists from liability for damages or injuries caused to others, the AutoBase Comprehensive Insurance plan extends that protection to cover the user’s own vehicle in the event of accidents.

Commenting on this partnership, Tunde Kuponiyi, Chief Executive Officer, Smartcash PSB, highlighted the importance of the collaboration in driving convenient and inclusive insurance access for Nigerians.

“At Smartcash, our goal has always been to bring inclusive financial solutions closer to everyday Nigerians. By partnering with Leadway Assurance, we’re making it easier for motorists to insure their vehicles without stress or delays. It’s insurance that moves at your speed,” he said.

He also noted that Smartcash users can complete the entire purchase process in under three minutes, from plan selection to payment with no physical paperwork or documentation required. Customers receive instant confirmation and their digital policy documents via email, making insurance more accessible than ever.

Also speaking on the partnership, Kike Fischer, Director, Sales, Retail and Partnership, Leadway Assurance, added: “At Leadway, innovation and exceptional service are at the core of our mission to deepen insurance penetration and inclusion. This collaboration with SmartCash enables us to deliver real-time protection to more Nigerians via a trusted, everyday platform. It marks a bold step in transforming how insurance is accessed and experienced across the country.”

The insurance integrated service is also fully inclusive, as it works across all types of mobile phones. Users without smartphones or internet access can access the same features via USSD, ensuring nationwide reach, especially in rural and underserved areas.

This partnership reinforces Smartcash’s commitment to delivering digital-first financial services that meet the real-world needs of Nigerians. By simplifying access to essential products like motor insurance, Smartcash continues to empower users with tools that protect, support, and uplift their daily lives.

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

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.

Offering improved security, access, and reliability, the Smartcash app now enables instant verification with customers’ NIN or BVN, secure facial recognition with a selfie, and simplified address confirmation. Upgrading from Tier 1 wallet provides higher transaction limits and access to more features and benefits as well as security.

According to Tunde Kuponiyi, the chief executive officer of Smartcash PSB,  Smartcash is concerned with ensuring a stress-free experience for customers.

“As the Easter season approaches, we recognize the financial pressure and logistical challenges that often come with holiday spending and mobility. That’s why we’re committed to ensuring that our users can carry out essential transactions from bank transfers to merchant payments quickly, safely, and conveniently. Our goal is to eliminate the stress of cash handling, long queues, and bank branch visits, so that Nigerians can truly focus on the spirit of the season connection, community, and celebration,” he said.

Smartcash PSB is providing a reliable, cashless alternative that meets the financial needs of users wherever they are. Whether it’s sending money to loved ones, paying at local markets and stores, or topping up airtime and data, Smartcash users can look forward to uninterrupted and efficient services throughout the holiday season.

Airtel Smartcash PSB, which launched as part of Airtel’s commitment to deepen financial inclusion, has rapidly expanded its network of agents and digital wallet users, bridging access between underserved communities and the financial system. With services available through mobile phones and human agents across Nigeria, Smartcash offers a simple and accessible entry point into the digital economy particularly for small-scale traders, artisans, rural dwellers, and other players in the informal sector.

This collaboration with Mastercard will empower Airtel’s 150 million mobile phone users in 14 African countries with access to Mastercard’s global merchant network, enabling safer and more secure international transactions, including SmartCash PSB users in Nigeria.

The Airtel Money GlobalPay Card is a virtual (non-plastic) payment solution that links directly to Airtel Money wallets.

This card can be used for a wide range of payments across global online merchants, including major platforms such as Facebook, Netflix, Uber, Amazon, Google, AliExpress, and Alibaba.

Users will also have the ability to make payments for travel bookings, utilities, subscriptions, and purchase goods from international suppliers—all from the convenience of their mobile phones.

For Airtel Money customers, activating the Airtel Money GlobalPay Card is simple. Customers simply need opt-in for the card, load it from Airtel Money wallet, and start shopping. No additional documentation, registration, or installations are required.

With this payment solution, Airtel and Mastercard aim to meet the growing demand for digital payments in Africa and support small businesses in cross-border trade.

The partnership aligns with Airtel Africa’s goal of enhancing financial inclusion by providing efficient and seamless payment solutions to mobile money users across the continent.

CEO of Airtel Money, Ian Ferrao, commented:

“At Airtel, we are continuously innovating to enhance the customer experience. By adding Mastercard’s secure virtual payment solution to Airtel Money, we are making International payments simpler and more accessible for our customers. This collaboration allows us to offer a global e-commerce experience.”

Mastercard’s global network and expertise in payment solutions will play a critical role in supporting financial inclusion efforts in Africa.

The initiative aligns with Mastercard’s commitment to bring one billion people, 50 million small businesses, and 25 million women entrepreneurs into the digital economy by 2025.

Muhammad Nana, senior vice president for Digital Partnerships at Mastercard Middle East and Africa, stated:

“Our digital partnerships strategy focuses on enabling the digital transformation of our partners, helping them provide their customers with access to a seamless global payment ecosystem. With over 150 million Airtel Africa consumers now connected to the global digital economy, we are helping more consumers access the benefits of e-commerce.”

With increasing mobile internet access and the growth of affordable smartphones, African consumers are poised to take full advantage of this new solution.

The Airtel Money GlobalPay Card empowers users—both banked and unbanked—to shop globally, connecting them to digital products and services right from their mobile phones.

How to Link Airtel Money GlobalPay Card:

• Download the MyAirtel App from Playstore or App Store
• Select Airtel Money and enter your PIN
• Opt in for the Airtel Money GlobalPay Card powered by Mastercard and accept the terms and conditions
• Top-up your card from your Airtel Money wallet and start shopping

The support will be delivered under the 3 Million Technical Talents (3MTT) programme, a Presidential mandate aimed at training young Nigerians in digital and technology skills.

Airtel Africa also announced 10 scholarships for Nigerian students to study technology-focused courses at Plaksha University in India under the Airtel Africa Fellowship.

Driven by Airtel Africa Foundation, the scholarships will equip Nigerian youth with cutting-edge digital and innovation skills, reinforces commitment to bridge the talent gap in the technology sector while supporting the country’s aspirations to become a global tech hub.

These pledges to develop Nigeria’s future tech leaders were announced when Airtel Africa’s Chairman, Mr.  Sunil Bharti Mittal, KBE and Airtel Africa CEO, Sunil Taldar met with Nigeria’s leader, President Bola Ahmed Tinubu at State House in Abuja.

The meeting also discussed Airtel Africa’s ongoing investments in Nigeria’s telecom and digital economy.

Speaking to journalists after the meeting, Mr. Sunil Bharti Mittal said:

“Nigeria remains a strategic market for Airtel Africa, and we are fully committed to support the government’s digital transformation agenda. Through initiatives like the Airtel Africa Fellowship and our investment in 3MTT, we are ensuring that the youth of Nigeria have access to world-class education and digital skills. We commend President Tinubu’s vision for a technologically advanced Nigeria and are committed to play our part in making that vision a reality.”

While noting the significant work currently ongoing via the Airtel-UNICEF Reimagine Education Programme which has onboarded 1,260 schools and over 600,000 students in the country to digital learning platforms such as the Nigerian Learning Passport (NLP), Mr. Mittal restated Airtel Africa’s dedication to network expansion, service quality, and financial inclusion.

Airtel Africa welcomed the recent designation of telecom infrastructure as Critical National Information Infrastructure (CNII), recognizing it as an essential step in safeguarding and expanding Nigeria’s digital backbone.

It also emphasised its continued mission to drive financial inclusion across Nigeria, particularly through its subsidiary, SmartCash PSB.

Mr Taldar reiterated the continuing goal of Airtel to support government efforts that are aimed at accelerating Nigeria’s digital economy, saying:

“Airtel is deeply invested in Nigeria’s digital future. We are expanding our network, driving financial inclusion, and creating opportunities for the people of Nigeria through technology and innovation. Our collaboration with the government through initiatives like the Airtel Africa Fellowship and 3MTT ensures that Nigeria remains at the forefront of Africa’s digital revolution.”

Airtel Africa remains committed to working closely with the Government of Nigeria and all stakeholders to drive connectivity, digital skills development, and financial inclusion, reinforcing Nigeria’s position as a leader in Africa’s digital economy.

The award ceremony, which took place at the Lagos Oriental Hotel on Friday 21st of February 2025, celebrated Smartcash PSB’s commitment to providing seamless, secure, and inclusive financial solutions aimed at driving financial inclusion across Nigeria.

During his welcome address, the managing director and editor-in-chief of New Telegraph Newspapers, Ayodele Aminu, emphasized the need to recognize individuals and organizations who have made significant contributions across various sectors.

“The New Telegraph Awards was in place to identify and assess individuals or organisations who have played a significant impact in politics, governance, industry, and other sectors of life. We believe that acknowledging them will galvanize the awardees towards greater productivity and excellence in their various fields and we look forward to seeing the incredible impact they will continue to make,” he said.

Commenting on the award, Chief Executive Officer, SmartCash PSB, Ayotunde Kuponiyi said, “Receiving the Outstanding PSB of the Year 2024 (Fintech Award) from New Telegraph is a testament to our unwavering commitment to advancing financial inclusion and empowering MSMEs across Nigeria. At SmartCash PSB, we remain dedicated to bridging the financial gap for underserved communities through innovative and accessible solutions. This recognition strengthens our resolve to drive economic empowerment and sustainable growth for millions of Nigerians.”

CEO of Airtel Nigeria, Dinesh Balsingh, remarked that the award was a reminder to the company of its commitment to excellent customer services. “The recognition by New Telegraph again reminds us as a business to remain dedicated to keeping the customer at the heart of our operations,” he said.

Since its launch, Smartcash PSB has continued to advance the digital payments landscape by offering secure payments, mobile banking solutions, and agent banking services, enabling seamless financial transactions for both urban and underserved communities.

The event had prominent guests in attendance, including former chairman of Nigerian Ports Authority and statesman Chief Bode George who was the chairman of the awards; Dr. Orji Uzor Kalu, publisher of New Telegraph; Mr Festus Keyamo, Mister of Aviation & Aerospace Development; and Senator Adams Oshiomhole, former governor of Edo State; among others.

This announcement follows an integration with Touch and Pay, a provider of automated payment solutions and the owner of Cowry.

The new SmartCash feature aims to meet the social needs of the masses, enhancing the ease of transportation, while promoting the Central Bank of Nigeria’s (CBN) cashless initiative.

Commenting on the integration, Ayotunde Kuponiyi, the chief executive officer, SmartCash PSB, restated the company’s commitment to continuing innovation as a pathway towards advancing digital payment solutions.

“At SmartCash PSB, we firmly believe in enhancing convenience and accessibility for everyone, regardless of where they live. By integrating Cowry card top-ups in our mobile app and USSD channel, we aim to advance commuter convenience, aligning with our mission to empower customers with seamless and efficient payment service. This initiative also supports Nigeria’s cashless vision,” Kuponiyi said.

He added that the new integration with Cowry Card on the SmartCash app is yet another expression of efficient and convenient payment systems in line with the national goal of a more digitized economy.

According to SmartCash, this seamless top-up process is available to all SmartCash Customers and can be accessed via the SmartCash mobile app or the USSD code *939#.

The new collaboration between the two visionary companies aims to leverage Stanbic IBTC Bank’s branch network to provide additional financial services to Airtel Smartcash customers across Nigeria.

Speaking on the partnership, Head of Partnership, Smartcash Payment Service Bank, Judith Osiobe, described the collaboration as another opportunity to drive financial inclusion across Nigeria.

“Since inception, we have seen Smartcash achieve a great feat in helping to promote financial inclusion and education through collaborations with various groups. We are, therefore, excited to collaborate with Stanbic IBTC Bank to expand access to financial services for more Nigerians. This partnership aligns with our commitment to catering to the diverse needs of our customers,” She said.

Highlighting the significance of the partnership, Omolara Osunsoko, Head, Partnerships, Stanbic IBTC Bank, emphasised the pivotal role of financial institutions in the economy.

She noted: “This partnership reaffirms the Bank’s commitment to simplifying the customer experience for Airtel Smartcash customers by providing easy and accessible cash-in and cash-out services across our branches. This initiative allows Airtel Smartcash wallet customers to deposit and withdraw cash from any Stanbic IBTC Bank branch without hassles.

Smartcash and Stanbic IBTC Bank are confident that the synergies created through this partnership will significantly contribute to the advancement of financial inclusion in Nigeria.