Airtel Africa Launches Mobile Banking In Nigeria
Airtel Africa says it has commenced operation of its recently licensed Nigerian payment service bank unit SmartCash PSB.
In a stock market statement, Airtel Africa revealed that subsidiary SmartCash Payment Service Bank has started providing services through selected retail outlets with plans to expand across Nigeria in the coming months.
SmartCash PSB joins 9PSB, the payments subsidiary of telecom firm Etisalat, as the second telco-run PSB to launch in Africa’s largest economy, with Momo PSB (owned by MTN Nigeria) and Money Master PSB (owned by Globacom) expected to join the fray any moment soon.
According to Airtel Africa’s Chief, Segun Ogunsanya “This is the beginning of our journey to revolutionise the financial services landscape in the country.”
He added that this is to “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”.
This development was initiated after the wireless operators secured a full Payment Service Bank licence from the Central Bank of Nigeria through its subsidiary in April.