SmartCash Payment Service Bank (PSB), the financial services subsidiary of Airtel Nigeria, has reached a milestone of 3 million active users.
The Central Bank of Nigeria (CBN) introduced the Payment Service Bank (PSB) category in 2018 to deepen financial inclusion, particularly in rural areas. Unlike traditional commercial banks, PSBs are permitted to accept deposits and facilitate transfers but are restricted from issuing loans or insurance.
While telecom-led fintechs like SmartCash leverage on existing subscriber bases, they have struggled to match the revenue of competitors such as OPay, PalmPay, and Moniepoint.
As of late 2025, SmartCash reported approximately $6 million in revenue. To bridge this gap, Airtel is pivoting toward a Zero-Charges strategy to convert passive telecom users into active financial customers.
SmartCash stated that its 3 million users are customers who have transacted within the last 30 days.
SmartCash has also eliminated all charges for interbank transfers, bill payments, and SMS alerts, eliminating the psychological tax that often deters low-income earners from digital banking.
The bank offers a 15% annual interest rate on savings, with interest calculated and credited daily, though this remains subject to adjustments based on the Central Bank’s Monetary Policy Rate (MPR).
“Transaction costs act as barriers to people accessing financial services. We are eliminating this barrier, come and transact… It is a deliberate effort to remove the ‘psychological tax’ that discourages low-income and rural Nigerians” – Ayotunde Kuponiyi, Chief Executive Officer of SmartCash PSB
The company also plans to utilize its growing deposit base to power a large digital ecosystem, by seeking partnerships to offer insurance and remittance services to its expanding user base.
