The rate of unbanked Nigerians is expected to reduce with the launch of SmartCash Payment Service Bank by Airtel Africa Plc in Lagos on Thursday.
Approximately 36.8% of adult Nigerians lack access to financial services, according to reports. More than 200 million people call Nigeria home. But this is anticipated to decrease in the upcoming months and years with the launch of Airtel’s SmartCash.
The telecommunications company stated during the product’s introduction yesterday that its financial services division will offer safe and dependable financial services throughout Nigeria.
Recall that in April 2022, Airtel Africa declared that the Central Bank of Nigeria (CBN) had granted it a license to run a payment service bank in the nation.
The new PSB would accept deposits from individuals and small businesses, carry out payment and remittance services within Nigeria, issue debit and prepaid cards, among other financial services, with the goal of reaching the 36.8% of adult Nigerians who lack access to banking services.
Although the service is now only offered at a few select retail touchpoints across the nation, SmartCash will also allow for transfers and payments between individuals from anywhere in the world.
In an effort to hasten financial inclusion for all Nigerians, Airtel also disclosed that preparations are being made to provide the cutting-edge, technologically driven services to all regions of the nation, even the most remote and isolated areas.
“The launch of SmartCash Payment Service Bank gives us fresh impetus at Airtel Africa, 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 financial 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,” the group chief executive officer of Airtel Africa, Mr Segun Ogunsanya, said at the event on Thursday.
On his part, the MD/CEO of SmartCash PSB, Mr Muyiwa Ebitanmi, 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 are powered by technology and are relevant to their needs.”
With operations in 14 different African nations, Airtel Africa is a top provider of mobile money and telecommunications services. In terms of consumers, the telco holds the third-largest market share in Nigeria.
