Airtel Africa’s subsidiary, SmartCash Payment Service Bank, brings its digital financial services to select cities in Nigeria to reach unbanked consumers further there and expand the region’s digitization efforts. Bringing SmartCash PSB to Nigeria is the start of its “journey to revolutionize the financial services landscape in the country” while also helping the larger economy. SmartCash PSB will deliver savings accounts and other financial services to the millions of Nigerians lacking access and will offer payment and remittance services, debit, and prepayment cards.
Africa is a hot spot for attracting venture capital (VC) monies, with a record $5.2 billion invested in startups last year. That is close to a fivefold increase from 2020. Telecommunications and mobile money services Airtel Africa operates across 14 African countries. SmartCash PSB will first be trialled at selected retail touchpoints in Nigeria, with plans to slowly grow operations across the country in the coming months. Airtel Africa’s footprint primarily falls across East, Central and West Africa. Founded in 2010 and headquartered in Tanzania, the company offers integrated telecommunications and global mobile money services suite.