The Chief Executive Officer of Airtel Africa, Segun Ogunsanya, has said that the operation of its subsidiary, SmartCash Payment Service Bank (PSB) would boost Nigeria’s economy in many ways. According to him, aside from bridging the financial gap in the country, the company is creating thousands of jobs as it engages a large number of agents across the country to drive the PSB business.
While noting that with the SmartCash operation, Nigeria has now joined the rest of Airtel Africa’s operations in delivering mobile money service, Ogunsanya said the service would empower many Nigerians financially and bring, most especially, people in the rural areas into the banking system.
He added that Airtel shares the same agenda with the Nigerian Government, the Central Bank of Nigeria (CBN), and the traditional financial institutions to further deepen financial inclusion in the country for the benefit of all citizens and the Nigerian economy.
What they are saying
Speaking at the official launch of the SmartCash PSB in Lagos yesterday, Ogunsanya said: “We are offering a simple product; money on your mobile phone. It is our mission to bring millions of people in urban and rural areas into the financial community. We will transform their lives, bring them out of poverty and also bring convenience to the ones who are already financially included. With SmartCash PSB, your phone is your bank.”
“Aside from the benefits to our customers, we are onboarding a very large number of agents for cash in and cash out, through which we are creating new jobs in our various communities, which is also a boost to the nation’s economy,” he added.
While noting that the journey to operate a PSB in Nigeria started two years ago when he was still the CEO of Airtel Nigeria, Ogunsanya said: “Our main objective is to bring the 55% of the unbanked Nigerian population into the financial system. In this way, we are working with the Central Bank of Nigeria to ensure that no Nigeria is left out of the financial system.”
Also speaking at the event, the Chief Executive Officer of SmartCash, Muyiwa Ebitomi said, “Today is a remarkable day that we have been waiting for, and I am very excited that we have commenced the operations for financial services in Nigeria through SmartCash PSB.”
Ebitomi said SmartCash PSB operations include receiving cash deposits, processing payments and remittances; issuing debit and prepaid cards; operating electronic wallets, and other services. According to him, removing the barriers and increasing accessibility to banking services, especially to those who have been left out of banking, remains imperative, a goal that SmartCash PSB intends to achieve.
Several dignitaries that witnessed the official launch of the business commenced Airtel for the bold move. Specifically, the Vice President of Nigeria, Prof. Yemi Osinbajo, said SmartCash PSB would boost the government’s financial inclusion efforts. Osinbajo, who was represented by the Special Adviser to President Muhammadu Buhari on Social Investments, Maryam Uwais, said the government would be leveraging the various mobile financial services in the country to reach out to millions of Nigerians under its social investments scheme.
