Airtel Africa’s Smartcash with Payment Service Bank License in Nigeria

The Central Bank of Nigeria has awarded the Payment Service Bank License to Airtel Africa’s subsidiary, SMARTCASH.

Airtel Africa, a leading provider of telecommunications and mobile money services, with a presence in 14 countries across Africa, has announced that the
Central Bank of Nigeria (‘CBN’) has confirmed that its subsidiary, SMARTCASH Payment Service Bank limited (‘Smartcash’), has now received final approval from the Central Bank of Nigeria for a full Payment Service Bank (‘PSB’) licence, affording the Group the opportunity to deliver a full suite of mobile money services into Nigeria.
More details regarding the commencement of operations will be presented with our full year results announcement in May 2022.

“I am very pleased that Smartcash has been granted approval for a full PSB licence to operate a service bank business in Nigeria and we are now working towards commencement of business. This licence enables us to expand our digital financial products and reach the millions of Nigerians that do not currently have access to traditional financial services. We are delighted to be able to pursue our shared agenda with the Nigerian Government, the CBN and traditional financial institutions to further deepen financial inclusion in the country for the benefit of all citizens and the Nigerian economy.”

Segun Ogunsanya, CEO, Airtel Africa

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