Airtel Africa has officially launched its wholly-owned subsidiary SmartCash Payment Service Bank (SmartCash PSB) to deliver secure and dependable financial services throughout Nigeria.
In addition to other banking services, it accepts deposits from individuals and small businesses, processes payments and remittances inside Nigeria, and issues debit and prepaid cards.
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SmartCash PSB also permits international person-to-person payments and transfers. Currently, the service is accessible at specific retail touchpoints.
In an effort to expedite financial inclusion for all Nigerians, plans are in place to expand the innovative, technology-driven services to all regions of the country, including the most distant.
The debut comes after the Central Bank of Nigeria granted a licence. SmartCash already aims to reach the 36.8 percent of Nigerian adults who are unbanked, according to the Access to Financial Services in Nigeria study.
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“The launch of SmartCash Payment Service Bank gives us fresh impetus at Airtel Afrca, 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 financially 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,’’ Segun Ogunsanya, Airtel Africa’s Group Chief Executive Officer, 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 is powered by technology and is relevant to their needs,” Muyiwa Ebitanmi, the Chief Executive Officer & Managing Director of SmartCash Payment Service Bank, said.
SmartCash bank Nigeria SmartCash bank Nigeria
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert.
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