Airtel Africa Plc has announced that its payment service bank subsidiary, SmartCash, has commenced operations in Nigeria.
This was disclosed in a statement signed by the company’s secretary, Simon O’Hara and filed with the Nigerian Exchange Group (NGX).
The statement read, “Airtel Africa, a leading provider of telecommunications and mobile money services, with a presence in 14 countries across Africa, today announces that its subsidiary SmartCash Payment Service Bank Limited (‘SmartCash PSB’), has commenced operations in Nigeria”.
Services will be supplied at select retail locations at first, according to the declaration, with operations gradually extending across the country in the coming months.
“I am very excited to announce our commencement of operations for financial services in Nigeria through SmartCash PSB said Segun Ogunsanya, Chief Executive Officer (CEO) of Airtel Africa, in response to the payment service bank’s launch in Nigeria”.
This is the beginning of our journey to revolutionise the financial services landscape in the country. To help further digitise the economy, and most importantly to help bank the unbanked by reaching the millions of Nigerians who do not currently have access to financial services by delivering current and savings accounts, payment and remittance services, debit and prepayment cards and more sophisticated services.
The Central Bank of Nigeria (CBN) obtained the final license for SMARTCASH Payment Service Bank limited (‘Smartcash’) to establish a Payment Service Bank (‘PSB’) in Nigeria in April 2022.
The CBN had previously awarded Airtel Mobile Commerce Nigeria Ltd a full “super-agent” license, allowing it to serve customers of Nigerian banks, payment service banks, and licensed mobile money carriers.
Recall that, Airtel Africa Plc has reported an 82 per cent increase in earnings after tax for the fiscal year ended March 31, 2022, totalling $755 million.
The board also recommended a three-cent final dividend, bringing total payouts for 2022 to five cents per share.
Revenue increased by 20.6 per cent for the year to $4,714 million, and 17.8 per cent for Q4 2022, according to figures filed on the Nigerian Exchange. Underlying revenue increased 23.3 per cent in constant currency for the year and 19.1 per cent in Q4.