Airtel Begins Banking Operations in Nigeria With its SmartCash Payment Service Bank

Airtel Begins Banking Operations in Nigeria With its SmartCash Payment Service Bank

  • Airtel Africa has started its banking operations in Nigeria with its SmartCash Payment Service Bank
  • The company said it is excited to begin the operation and will offer skeletal operations at its retail shops in the meantime
  • In April this year, the company got a final nod from the Central Bank of Nigeria to commence operations as PSB

One of the leading telecommunication companies in Nigeria, Airtel has begun its banking operations in the country.

Airtel Africa announced that the payment service bank, SmartCash, has started operations in Nigeria.

Airtel Nigeria, SmartCash PSB, CBN
Airtel's SmartCash bank begins operations Credit. Greene Lee
Source: Getty Images

Airtel serves notice to NGX

A statement by the company’s secretary, Simon O’Hara which was filed with the Nigerian Exchange Group disclosed this.

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According to the letter, the telecoms giant notified the NGX that its subsidiary, SmartCash Payment Service Bank has started operations in Nigeria.

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A Nairametrics report says that the disclosure said that services would be provided at the select retail locations of the company at first and gradually expand across the country in the coming months.

Company's banking operations to start at retail centres

The company’s Chief Executive Officer of the company of Airtel Africa, Segun Ogunsanya, said he is excited to announce the company’s commencement of financial operations in Nigeria via SmartCash PSB.

In April 2022, the Central Bank of Nigeria (CBN) gave final approval for the company’s SmartCash PSB to operate as a Payment Service Bank in Nigeria.

This is after the apex bank had granted the telecoms company’s subsidiary, Airtel Mobile Commerce Nigeria Limited a full super-agent license which allows it to serve customers of banks in Nigeria, PSBs and licensed mobile money carriers.

Airtel hits jackpot, rakes in N304 billion in revenue from data services

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Recall that has reported that Airtel Nigeria has raked in N304 billion ($734 million) from data services alone between March and April of 2022. The revenue was driven by data consumption by its subscribers.

It is a 41.1 per cent jump in data revenue in comparison to the N227.4 billion ($549 million) the firm made in the same period the year before.

The parent company of Airtel Nigeria, Airtel Africa stated this in its financial result for the year ended March 2022 released on Wednesday, May 11, 2022.


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