MSME Payment Service Bank of the Year – Smartcash by Airtel

Smartcash by Airtel has won the MSME Payment Service Bank of the Year Award at the maiden edition of the Micro Small and Medium Enterprises (MSME) Award Night organised by Nairametrics and the Economic Forum Series.

The MSME Awards which held on Friday, 27th of September, 2024, at the Civic Centre Towers, Victoria Island, Lagos, had quite a number of financial institutions present as well as MSMEs. Airtel, a sponsor of the event, was equally well represented at the awards night.  

The Awards night which began in the evening had in attendance various financial institutions including Mastercard, Zenith Bank, Heirs Insurance Group, Eco Bank, NASD, Jaiz Bank, VFD Microfinance Bank, CIS, NGX, Polaris, ETranzact and a host of others.

With such a turnout, Ugodre Obi-Chukwu, the CEO and Founder of Nairametrics, in giving his speech at the event outlined what the MSME Award set out to do:

The MSME Finance Awards…. initiative seeks to:
• Recognise and reward innovation and impact in MSME finance
• Foster collaboration and knowledge sharing among stakeholders
• Inspire and motivate others to support MSME growth….

Endorsed by the Office of the Vice President on MSMEs & Job Creation, Federal Republic of Nigeria, the event was also supported by key stakeholders such as the Small and Medium Enterprise Development Agency of Nigeria (SMEDAN), Federal Inland Revenue Service (FIRS), Enhancing Financial Innovation & Access (EFInA), Association of Licensed Mobile Payment Operators (ALMPO), and the FinTech Association of Nigeria (FinTechNGR).

The nomination and shortlisting process for this award was conducted by Nairalytics, the research and analytics division of Nairametrics Financial Advocates.

Shortlisted for the MSME Payment Service Bank of the Year were MOMO PSB, Smartcash by Airtel and 9PSB of which Smartcash by Airtel won the award. Ifeoma Obi-Okafor, the Director of Sales at Airtel was present at the event to receive the award.

This Smartcash by Airtel win is in recognition of Airtel’s payment platform demonstrating excellence in serving the needs of MSMEs. They have empowered MSMEs, rural entrepreneurs, women-led businesses, and low-income populations to overcome barriers and achieve sustainable growth. Not only has Smartcash by Airtel exemplified a deep commitment to bridging the financial gap in areas where traditional services are scarce, but they have fostered economic empowerment and resilience among those who need it most.

What You Should Know

The “MSME Payment Platform of the Year” category recognises digital payment platforms that have significantly contributed to enhancing the payment experience for Micro, Small, and Medium Enterprises (MSMEs). This award focused on platforms that provide efficient, secure, and user-friendly payment solutions, enabling MSMEs to process transactions seamlessly, whether for online or offline sales.

Small and Medium Enterprises (SMEs) are the backbone of Nigeria’s economy, contributing nearly 50% to the nation’s GDP and employing over 80% of Nigeria’s workforce. With over 41 million SMEs in Nigeria, they represent the spirit of innovation, resilience, and determination that propels this nation forward.