Airtel Africa gets approval for payment service bank business in Nigeria

Airtel Africa, a provider of telecommunications and mobile money services, said that its subsidiary — SMARTCASH Payment Service Bank Limited has secured approval in principle for operating a payment service bank business in Nigeria.

The final approval for SMARTCASH Payment Service Bank is conditional on meeting certain standard conditions within six months.

Segun Ogunsanya — CEO of Airtel Africa said: “I am very pleased that Smartcash has been granted an approval in principle to operate a service bank business in Nigeria. We will now work closely with the Central Bank to meet all its conditions to receive the operating licence and commence operations.

“The final operating licence will enable us to expand our digital financial products and reach the millions of Nigerians that do not have access to traditional financial services. I am looking forward to working closely with the Government, the Central Bank and traditional financial institutions to expand financial inclusion and meet the evolving needs of our customers and the economy.”

Airtel Africa gets approval in principle for operating payment service bank business in Nigeria. Photo courtesy of Prof.Chen Hualin/Wikipedia.org.