Smartcash Payment Service Bank has removed transfer and bill payment charges and introduced a savings product offering 15 percent interest per annum, paid daily, as it seeks to deepen financial inclusion in Nigeria’s competitive digital banking market.
The fintech announced the move at a press conference in Lagos, where executives demonstrated live transfers from the Smartcash app to accounts at other Nigerian banks without transaction fees.
Tunde Kuponiyi, managing director and chief executive officer, said the strategy aligns with Nigeria’s broader push to expand access to formal financial services.
“There are seven global objectives adopted by the United Nations, and a very important aspect is financial inclusion,” Kuponiyi said, adding that bringing more Nigerians into the formal banking system would enable small businesses to access capital, grow and create jobs.
Smartcash obtained its payment service bank licence in 2022 and began operations the same year. Since then, Kuponiyi said, its products have been built around affordability and accessibility.
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Under the new policy, customers will not be charged for peer-to-peer transfers, interbank transfers or bill payments. The bank has also eliminated SMS alert fees and other transaction-related costs. However, it said statutory stamp duty on transfers above N10,000 would still apply, as it is payable to the government.
The savings product, which offers 15 percent annual interest compounded daily, is structured to credit earnings into customers’ accounts each day. Kuponiyi said customers would not be penalised for withdrawals and would continue to earn interest regardless of transaction frequency.
Ada Ubah, head of legal, described the campaign as part of a broader effort to expand awareness and close access gaps.
“Through this campaign, we aim to increase awareness, expand access and reinforce our commitment to bridging the financial gap across communities,” she said.
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Smartcash said customers can open accounts using any mobile network. After downloading the app, users complete identity verification with their National Identification Number or Bank Verification Number, undergo facial capture and set a four-digit PIN. Their phone number then serves as the account number.
For subscribers of its parent company, Airtel Nigeria, the bank is offering 10 percent instant cashback on airtime and data purchases made through the app.
On service reliability, Kuponiyi said the platform operates an auto-reversal system for failed transactions. “Once a transaction fails, we auto-reverse such transactions into the customer’s account,” he said.
The bank said it leverages Airtel Nigeria’s nationwide footprint to extend services across all 774 local government areas, working through agents to reach underserved communities.
Smartcash also confirmed it supports inbound international remittances directly into customer wallets through undisclosed partners.
The lender said it has nearly three million customers, counting as active those who have transacted within the past 30 days.
Asked how the zero-fee structure would be sustained, Kuponiyi said the bank operates within a traditional model of taking deposits and deploying them, but declined to provide a revenue breakdown.
For now, he said, the policy will remain in place.
“It is going to go on for as long as the objective behind it is met,” Kuponiyi said.
