Airtel Nigeria financial arm, SmartCash Payment Service Bank (PSB), has reached a significant milestone of nearly three million active users. The company defines an active user as someone who has transacted within the last 30 days. This is a much stricter standard than the six-month window many traditional banks use. Usage metrics over 60 and 90 days are even higher, showing strong and growing engagement across the country.
Since the Central Bank of Nigeria introduced PSBs in 2018, telecom-led fintechs have worked hard to turn their massive subscriber bases into financial success. SmartCash generated approximately $6 million in revenue by December 2025. This figure is modest compared to market leaders like OPay and PalmPay. However, mobile money remains Nigeria’s fastest-growing financial segment. Transactions hit ₦20.71 trillion in the first quarter of 2025 alone despite regulatory hurdles and lending restrictions.
To accelerate growth, SmartCash is adopting a zero-fee banking model. The bank has eliminated costs for interbank transfers, bill payments, and SMS transaction alerts. These services typically cost traditional bank customers between ₦10 and ₦50 per transaction. The only remaining fee is the government-mandated stamp duty on transfers exceeding ₦10,000.
CEO Ayotunde Kuponiyi described these costs as a “psychological tax” that discourages low-income and rural Nigerians from using digital finance. He noted that transaction costs act as significant barriers to financial inclusion. By removing these barriers, the company hopes to encourage more Nigerians to embrace digital banking.
Beyond the zero-fee model, SmartCash offers a market-leading 15% annual interest rate on savings deposits. The system calculates and credits this interest daily. It also features automatic compounding, which benefits customers even if they make frequent withdrawals. Kuponiyi clarified that this rate is linked to Nigeria’s national monetary policy and may adjust if central bank rates change significantly.
The company also provides incentives to deepen wallet usage. Users can receive up to 10% cashback on airtime and data purchases made through the app or the *939# USSD code. These features are designed to keep funds within the SmartCash ecosystem and encourage daily financial activity.
SmartCash benefits from the extensive nationwide footprint of the Airtel network. The service covers all 774 local government areas in Nigeria. This network includes more than 500,000 agents who facilitate cash-in and cash-out transactions. Kuponiyi believes this massive physical presence gives the service a distinct reliability edge over digital-only competitors.
To improve the user experience, the bank has addressed the common issue of failed transactions. SmartCash uses an auto-reversal system that returns failed transfers to wallets within 24 hours. This practice aligns with Central Bank of Nigeria guidelines for dispute resolution. The company also maintains a dedicated toll-free customer care line at 939 to assist users with any issues.
Kuponiyi framed the zero-fee strategy as a long-term commitment rather than a temporary promotion. The goal is to build a massive deposit base and high transaction activity. This foundation will eventually support a wider ecosystem of financial products. In the future, SmartCash aims to offer additional services such as credit, insurance, and international remittances to its growing user base.
