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.

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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.

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