Smartcash Launch Free transfers to all Banks in a quest to Fetch More Users!

The fintech segment of Airtel Nigeria, SmartCash Payment Service Bank, has taken a bold step on financial inclusion in Nigeria by adding the “Free Transfers to All Banks” feature. 

This decision is geared towards making financial services available to all Nigerians, especially those who are unbanked as well as underbanked.

SmartCash was launched in 2022 after obtaining approval from the Central Bank of Nigeria with an aim of trying to achieve the goals of financial inclusion within the country. 

This is particularly interesting because regulatory stipulations allow other banks as well as payment service banks (PSBs) to charge fees of N10 for transactions below N5,000, N26 for transactions between N5,000 and N50,000, and N50 for transactions over N50,000. Despite this, SmartCash has taken a novel path forward.

The SmartCash account transactions, as well as transactions to/from all Nigerian banks, are now completely free of charge as determined by the SmartCash management.

Smartcash Commitment towards Financial Literacy

‘We remain committed to promoting financial literacy and inclusion in the country. Kelechi Amogu, who serves as the Head of Brand and Communications at the company, noted that ‘Our decision to eliminate these costs is in furtherance of this goal.’

Amogu elaborated, “The campaign is in accordance with the purpose of the organization, which is to create financial solutions that are accessible and affordable and, at the same time, increase the level of financial inclusion and financial literacy.” 

She further noted that the initiative is not limited to just using the platform but offers a whole lot of benefits and rewards.

In Amogu’s own words, “This campaign is the manifestation of our enduring commitment to make sure that our users receive financial transaction benefits, and not the other way around.”

Source Credit: Businessday