SmartCash Payment Service Bank Begins Operation in Nigeria

SmartCash Payment Service Bank Begins Operation in Nigeria

Airtel Africa

SmartCash Payment Service Bank Begins Operation in Nigeria

Following its final approval by the regulators, SmartCash Payment Service Bank Limited (SmartCash PSB), Airtel Africa’s subsidiary has announced that the company has commenced operation in Nigeria.

Mr Segun Ogunsanya, the Chief Executive Officer of Airtel Africa made this known in a statement made available to Nigerian Exchange Ltd. (NGX) on Thursday in Lagos.

Ogunsanya said that the services would initially be available at selected retail touch-points, while the operations would be expanded gradually across the country over the next few months.

Recall that the Central Bank of Nigeria (CBN) in November 2021 granted Airtel Africa approval in principle to operate a payment service bank business in Nigeria.

The final approval was subject to the group satisfying certain standard conditions within six months, counting from November 2021. Airtel Africa is a telecommunications and mobile money services company with SmartCash PSB as one of its subsidiaries.

Ogunsanya said: “I am very excited to announce the commencement of our operations for financial services in Nigeria through SmartCash PSB. This is the beginning of our journey to revolutionise the financial services landscape in the country.

“It will further digitalise the economy, and most importantly help bank the unbanked by reaching the millions of Nigerians who do not currently have access to financial services, “he said.

Ogunsanya said that this would be done by delivering current and savings accounts, payment and remittance services, debit and prepayment cards and more sophisticated services. #SmartCash Payment Service Bank Begins Operation in Nigeria

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