The chief executive of Smartcash Payment Service Bank (PSB), Mr Ayotunde Kuponiyi, has stressed the importance of financial inclusion to any nation’s economy.
Speaking with journalists in Lagos on Tuesday, he said the country will always experience economic growth when the majority of its citizens are financially included.
According to him, this is why the Central Bank of Nigeria (CBN) has intensified its efforts to drive financial inclusion in the country to about 80 per cent.
“Financial inclusion is important because when 80 per cent of your population is included financially, it then ensures growth in the economy,” he said at the unveiling of the nationwide marketing campaign of Smartcash titled No Be Cho Cho Cho.
“We have about 40 million or 50 million Small and Medium Enterprises (SMEs) in Nigeria, and a number of them don’t have bank accounts, but when they are included financially, they have access to finance, borrowing, and then grow their income.
“As the industry grows, they employ more hands (job creation), and when this happens, the government earns more revenue from taxes paid by the employed persons, which the government then uses to improve the standard of living of the citizens. Infrastructure will also be provided by the government. This is why financial inclusion is extremely important,” Mr Kuponiyi stated.
Commenting on the new campaign, the Smartcash boss said it reflects a broader philosophy of accountability in digital finance, with the zero-charge model, which eliminates fees on transfers and bill payments.
“Through our flagship zero-charge service, we promise no fees on P2P transfers or bill payments. Furthermore, our savings account offers 15 per cent per annum compounded interest, paid daily without penalties. Unlike conventional banks, we charge you nothing, ensuring your money truly works for you,” he averred, stressing that the zero-fee does not apply to the stamp duty charged by the federal government on transactions above N10,000.
He stated that the initiative centres on the three pillars of reliability, transparency and demonstrable service delivery and addresses what the company describes as a widening trust gap in Nigeria’s digital payments market.
Mr Kuponiyi also revealed that beyond consumer banking, the platform is also expanding its footprint through a nationwide network of agents that facilitate transactions and financial services in underserved communities.
Smartcash is the digital financial services platform of Airtel Nigeria, which is a subsidiary of Africa Plc, operating across 14 countries.