SmartCash Payment Service Bank (PSB), the financial services arm of Airtel Nigeria, has surpassed three million active users, marking a significant milestone in the country’s growing mobile money sector. The figure represents customers who have transacted within the last 30 days, a stricter measure of activity than the six-month definition commonly used by other banks.

SmartCash has built its growth around a zero-fee banking model and a market-leading 15% annual interest rate on savings deposits. Users pay no fees for interbank transfers, bill payments, or SMS transaction alerts, eliminating a common barrier that discourages low-income and rural Nigerians from adopting digital finance.

The service also offers up to 10% cashback on airtime and data purchases via the app or USSD code *939#, and interest is calculated daily and compounded automatically, without restrictions on withdrawals.

CEO Ayotunde Kuponiyi described the zero-charge strategy as a long-term structural initiative rather than a temporary promotion. The approach aims to deepen wallet usage, build deposits, and create a foundation for future offerings, including credit, insurance, and remittance services.

Nigeria’s mobile money market is expanding rapidly, with transactions reaching ₦20.71 trillion ($13.49 billion) in the first quarter of 2025. However, telecom-led PSBs have faced challenges converting subscriber scale into financial impact due to regulatory restrictions. SmartCash’s model, supported by Airtel’s nationwide footprint and a network of over 500,000 agents, leverages telecommunications infrastructure to ensure reliable access to financial services across Nigeria’s 774 local government areas.

The platform also includes an auto-reversal system for failed transactions, ensuring funds are returned automatically in line with Central Bank of Nigeria guidelines. Customers can also access a toll-free customer service line to resolve disputes efficiently.