Airtel Africa Gets CBN’s Approval for Full PSB Licence

Emma Okonji

Airtel Africa yesterday disclosed that the Central Bank of Nigeria (CBN) had approved its subsidiary, SMARTCASH Payment Service Bank limited (‘Smartcash’) as a full payment service bank (‘PSB’).

 Airtel, a leading provider of telecommunications and mobile money services in 14 countries across Africa, added that the approval would afford it the opportunity to deliver a full suite of mobile money services into Nigeria.

Pleased with the approval, the Chief Executive, Airtel Africa, Mr. Segun Ogunsanya said more details regarding the commencement of operations would be presented with the company’s 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,” Ogunsanya said.

 With its expansion rate acres Africa, Airtel Africa offers an integrated suite of telecommunications solutions to its subscribers, including mobile voice and data services as well as mobile money services both nationally and internationally.

 The group aims to continue providing a simple and intuitive customer experience through streamlined customer journeys.