Osinbajo, Sanwo-Olu Commend Airtel As Telco Giant Rolls Out Smartcash PSB
- Africa's leading telecommunications provider Airtel has just launched its mobile money services
- Vice President Yemi Osinbajo and Governor Babjide Sanwo-Olu lauded the initiative, noting the telecommunication firm is paving way for others in the country
- The Lagos state government in his goodwill message disclosed the PSB license was targeted at the rural areas
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Vice President Yemi Osinbajo and the governor of Lagos state, Babajide Sanwo-Olu, have hailed the leading telecommunications provider in Africa, Airtel for the launching of its smartcash PSB innovation.
Legit.ng reports that telco launched the mobile money services on Thursday, June 30, at Eko Hotel, Lagos.
VP Osinabjo speaks
Speaking at the event, Osinbajo, who was represented by the special adviser on social investment (office of the president), Maryam Uwais, appreciated the efforts of Airtel for setting the pace for other telcos to follow in Nigeria.
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He said the federal government through the Central Bank of Nigeria (CBN) has developed a model of financial inclusion to ensuring that all Nigerians have access to financial credits and services.
Lagos governor speaks
In his goodwill message, Governor Sanwo-Olu, who was represented by the state commissioner for finance, Rabiu Olowo, said the PSB licence approved by the CBN was targeted at the remote areas.
He added that many people in the rural areas lack access to the conventional banking services as he also commended the apex bank its timely intervention and approval.
Airtel CEO speaks
In his opening remarks, the Chief Executive Officer (CEO) of Airtel Africa, Segun Ogunsanya, said the smartcash payment service bank will be provided at select retail locations at first, with operations gradually expanding across the country within a short period of time both in urban and rural areas.
“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 digitalise 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.
“Users of service are expected to download the app while the USSD code is *939#. Smartcash will serve the purpose of receiving and sending cash, among other financial transactions.
He further stated:
“The launch of SmartCash Payment Service Bank gives us fresh impetus at Airtel Afrca, to continue growing our 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 financially services – offering last mile connection to the financially excluded. 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.’’
The Chief Executive Officer & Managing Director of SmartCash Payment Service Bank, Muyiwa Ebitanmi, said:
“Through SmartCash Payment Services Bank, we aim to bridge the financial divide by providing rural and urban Nigerians access to innovative, highly secured and reliable banking services that is powered by technology and is relevant to their needs.”
Lagos leads list of top states as Nigeria’s internet subscribers rise by 0.62% in one year hit 145.85 million
The Nigerian Communications Commission (NCC) has revealed that there are 169,104,830 active subscribers on the telecommunications networks in November 2018, indicating an increase of 3.86 million since October.
The National Bureau of Statistics (NBS) revealed this on Tuesday in its telecoms Data: Active Voice and Internet, Porting and Tariff Information report for the first quarter of 2022, published on its website
According to NBS, Internet subscribers in Nigeria increased marginally by 0.62% year-on-year to 145.85 million as of March 2022 compared to 144.95 million subscribers recorded as of the corresponding period of 2021.
List of 5G compatible phones as Nigeria set to roll out services in August
Meanwhile, in another report, the Federal government of Nigeria has announced plans to begin the rollout of 5G network in the country
The roll-out will begin in August which will be exactly 8 months after the NCC the spectrum auction
Legit.ng provided insight on compatible phones for the expected 5G network to be rollout on Mafab communication and MTN Nigeria