September 23, 2023

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Airtel Commences Payment Service Bank Operations


CEM REPORT | Telecom Giant, Airtel Africa Plc has announced that its payment service bank (PSB)subsidiary, Smart Cash, has commenced operations in Nigeria.

The company’s secretary, Simon O’Hara disclosed this in a statement signed by him and filed with the Nigerian Exchange Group (NGX).

Airtel Africa, a leading provider of telecommunications and mobile money services, with a presence in 14 countries across Africa, today announces that its subsidiary Smart Cash Payment Service Bank Limited (‘Smart Cash PSB’), has commenced operations in Nigeria”.

Airtel Africa, Chief Executive Officer (CEO), Segun Ogunsanya, commenting on the commencement of the operations expressed excitement adding that the operation is just a start in its contribution in helping Nigeria achieve a digitalised economy.

“I am very excited to announce our commencement of 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. To help further digitise the economy, and most importantly to help bank the unbanked by reaching the millions of Nigerians who do not currently have access to financial services by delivering current and savings accounts, payment and remittance services, debit and prepayment cards and more sophisticated services.”

[READ ALSO] Airtel Africa Plc Reports 21.3% Growth in Revenue

Airtel’s PSB will provide service at select retail locations and gradually expand operations across the country over time.

Recall that the Central Bank of Nigeria (CBN) granted final approval for Smart Cash Payment Service Bank limited (‘Smartcash’) to operate a Payment Service Bank (‘PSB’) in Nigeria in April 2022.

Also recall that CEM reported that the CBN had also granted Airtel’s subsidiary Airtel Mobile Commerce Nigeria Ltd a full “super agent” license, allowing it to serve customers of Nigerian banks, payment service banks, and licensed mobile money carriers.

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