Airtel’s SmartCash Targets Financial Inclusion With Free Transfers, Bill Payments

SmartCash Payment Service Bank has unveiled a zero-transaction banking model designed to eliminate transfer fees, bill payment charges and other hidden costs, as part of efforts to deepen financial inclusion in Nigeria.

Speaking at the launch in Lagos, the Managing Director and Chief Executive Officer of SmartCash Payment Service Bank, Mr. Tunde Kuponiyi, said the campaign tagged “No Be Cho Cho Cho” represents a deliberate shift from rhetoric to measurable action in expanding access to affordable financial services.

He noted that the initiative is anchored in the United Nations Sustainable Development Goals, as financial inclusion remains critical to Nigeria’s economic growth.

According to him, “One very important aspect of these goals is financial inclusion. When 80 per cent of your population is included financially, it then ensures growth in the economy.”

Kuponiyi explained that Nigeria has between 40 and 50 million SMEs and MSMEs, many of whom operate without bank accounts.

“When they are included financially, they have access to finance, they have access to borrowing, and they can grow their cottage industry. As the industry grows, they can recruit more hands. The tax that they are paying becomes revenue for the government, which the government in turn will then use in improving the standard of living,” he said.

He stated that SmartCash, which obtained its Payment Service Bank licence in 2022, has positioned itself to break barriers by delivering affordable, accessible and available banking services to both banked and underbanked Nigerians.

“What you see that executives do running their banking activities, we’ve also brought not only to the executives themselves in a better way, but also to those who are not banked or the guys that are under-banked. So, we are breaking barriers and pulling people from the sidelines into the centre stage,” he said.

The flagship offering under the campaign is a zero-charge policy. Kuponiyi emphasised: “The promise is you are not going to be charged with anything on your money. Be it B2B transfer or bill payment, you won’t be charged at all. As a matter of fact, you will also get something added on to you, especially on bill payment.”

Similarly, it is offering a savings product with a 15 per cent per annum compounded interest, calculated daily. “The interest is paid daily, and there’s no penalty. Whether you withdraw from the account or not, if you withdraw 10 times in a month, like what conventional banks do, we won’t charge you anything, and you still get your interest paid,” he added.

Kuponiyi attributed the bank’s ability to sustain the zero-fee structure to the technological backbone of its parent company, Airtel Networks Limited. “This is what has made that possible, and reliable due to Airtel’s strong technology background and global presence,” he averred.

The head, Legal and Company Secretary of SmartCash Payment Service Bank, Ada Uba, affirms that the bank commenced operations in 2022 following the issuance of its licence by the Central Bank of Nigeria.

“Since then, we have remained committed to delivering exceptional services within the ambit of our regulatory mandate. Through this campaign, we aim to increase awareness, expand access, and reinforce our commitment to bridging the financial gap across communities,” Uba said.

Also speaking, the head of Products and Partnerships, Oti Omaghomi, said the initiative aligns with the Central Bank of Nigeria’s drive toward a cashless economy.

“Transaction fees, transfer fees, SMS charges, even though they are little, they add up over time. Today, we are saying that we have eliminated all transaction fees across all our platforms,” Omaghomi stated.

He added that access to the zero-fee services begins with onboarding onto the SmartCash platform. “For us to experience the free transaction services, the starting point will always be the download of the app or signing up for our wallet using the USSD code. Everything starts with customers signing up on our platform. It starts with their money,” he said.