In a strategic move to enhance financial inclusion in Nigeria, SmartCash Payment Service Bank, the fintech arm of Airtel Nigeria, has introduced a feature – “Free Transfers to All Banks.” This significant decision aims to facilitate greater access to financial services for all Nigerians, particularly the unbanked and underbanked populations.
Established in 2022 with the approval of the Central Bank of Nigeria, SmartCash is dedicated to realizing the nation’s financial inclusion objectives. Despite regulatory guidelines allowing banks, including Payment Service Banks (PSBs), to levy fees such as N10 for transactions under N5,000, N26 for transactions ranging from N5,000 to N50,000, and N50 for transactions exceeding N50,000, SmartCash is pioneering a customer-centric approach.
The company, with a forward-thinking perspective, has chosen to waive transaction fees not only for transfers within SmartCash accounts but also for transactions involving all banks operating in Nigeria. Kelechi Amogu, the Head of Brand and Communications at SmartCash PSB, emphasized the alignment of this initiative with the organization’s dedication to providing cost-effective financial solutions, concurrent with its ongoing efforts in promoting financial inclusion and literacy.
Amogu Statement
Amogu stated, “The campaign aligns with the organisation’s commitment to providing cost-effective financial solutions, alongside its ongoing drive for financial inclusion and financial literacy.” She further highlighted that the initiative extends beyond mere platform usage, offering a myriad of benefits and rewards. Emphasizing their commitment to users’ financial well-being, Amogu concluded, “We believe in making financial transactions more accessible and rewarding for our users, and this campaign is a testament to our commitment to their financial well-being.
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