Smartcash will operate as an owned subsidiary of Airtel, providing financial services across Nigeria. Services the bank will offer include accepting deposits from individuals and small businesses, carrying out payment and remittance services within Nigeria, issuing debit and prepaid cards and more. The launch follows the granting of a license by the Central Bank of Nigeria. Since April, Airtel has had a full “super-agent” license to operate as an agency network in the country. Super agents are businesses that have been licensed by the CBN to recruit agents for agency banking, which involves providing financial services to communities on behalf of banks to increase financial inclusion.
The launch of Smartcash Payment Service Bank gives us fresh impetus at Airtel Africa, to continue growing our footprint in the continent and delivering innovative solutions. The announcement that Airtel was launching Smartcash PSB was first made in May.