How Airtel’s payment bank deepens financial inclusion

Airtel Africa, a provider of telecommunications and mobile money services, has launched SmartCash Payment Service Bank (PSB), its wholly-owned subsidiary, to provide secure and reliable financial services across Nigeria.

Speaking during the launch, Muyiwa Ebitanmi, chief executive officer & managing director of SmartCash PSBank, said, “Through SmartCash PSB, we aim to bridge the financial divide by providing rural and urban Nigerians access to innovative, highly secure, and reliable banking services powered by technology and relevant to their needs.”

Also, Segun Ogunsanya, Airtel Africa’s group chief executive officer, said the launch of SmartCash PSB gives Airtel Africa fresh impetus to continue growing its 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. Ogusanya added.

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“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,” he said.

The launch follows the granting of a license by the Central Bank of Nigeria. Already, SmartCash targets reaching the 36.8 percent unbanked adult population in Nigeria, as estimated by the Access to Financial Services in Nigeria report.

Furthermore, plans are underway to expand the innovative, technology-driven services to all parts of the country, including the furthest and most remote, in an effort to accelerate financial inclusion for all Nigerians.

Headquartered in Lagos, SmarctCash PSB accepts deposits from individuals and small businesses, carrying out payment and remittance services within Nigeria, and issuing debit and prepaid cards among other banking services.

Airtel Africa offers an integrated suite of telecommunications solutions to its subscribers, including mobile voice and data services, as well as mobile money services both nationally and internationally.