Determined to enhance financial inclusivity in Nigeria, Airtel has launched a Payment Service Bank, PSB to facilitate easy and seamless access to financial services, especially to the unbanked consumers in rural areas and other parts of the country.
Smartcash Payment Service Bank, a new subsidiary of the Airtel Group is a mobile money service that has been operating in over 13 countries is geared towards bridging the gap between the unbanked small and micro business owners who dwell in rural areas and the technologically inclined urban dwellers.
Speaking during the official launch in Lagos, Segun Ogunsanya, the Group Chief Executive officer, Airtel Africa, the company is offering a very simple product; money on your mobile phone.
According to him, It is Airtels grand vision to reduce the financial divide in this great country, adding that the new mobile banking
will bring millions of people in the urban areas into the financial community, by so doing transform lives and bring them out of poverty.
Ogunsanya said Airtel will continue to birth innovative solutions to improve the lives of consumers in line with its core mandate of transforming lives while bringing convenience to the ones who are already financially included.
He further said the company will continue to invest in its mobile network for both mobile money and mobile telecom services in Nigeria as it continues to proffer solutions to individuals and businesses in Africa’s largest economy.
“We exist to touch lives. This purpose guides all of our activities as we deliver telecommunications services and mobile money services across the continent. For us, driving equity and financial inclusion in the continent is a core business focus which is part of our contribution to a more sustainable future.”
C. Surendran, chief executive officer, Airtel Nigeria said that ‘Smartcash’ will accelerate economic growth by encouraging increased participation in mobile financial services, deposit products, and payment/remittance services to small businesses, low-income households, and other financially excluded individuals through high-volume, low-value transactions in a secured, technology-driven environment.
“What we are launching today is a powerful solution that seeks to give a choice, power, access, control, empowerment and a platform to millions of Nigerians regardless of their location, financial status and tribe. It is in alignment with transforming lives” he said.
On his part, Muyiwa Ebitanmi, chief executive officer, Smartcash Payment Service Bank Limited, noted that the platform is user-friendly, accessible and highly secured, adding that customers are required to dial *939# to access the service irrespective of location.
“The goal of the new bank Smartcash PSB is to deepen financial access and inclusion. We are not only launching a brand but expanding our footprint to reach millions of Nigerians that do not currently have access to financial services,” Ebitanmi said.