Airtel Africa has announced that its subsidiary, SMARTCASH Payment Service Bank Limited, has been granted approval in principle to operate a payment service bank business in Nigeria.
This is contained in a notice signed by the Company Secretary, Simon O’Hara, sent to the Nigerian Exchange (NGX) Limited on Friday, in Lagos
According to the notice, the final approval was subject to the Group satisfying certain standard conditions within six months.
The Chief Executive Office, Airtel Africa, Mr Segun Ogunsanya, said in the notice: “I am very pleased that Smartcash has been granted an approval in principle to operate a service bank business in Nigeria.
“We will now work closely with the Central Bank to meet all its conditions to receive the operating licence and commence operations.
“The final operating licence will enable us to expand our digital financial products and reach the millions of Nigerians that do not have access to traditional financial services.
“I am looking forward to working closely with the Government, the Central Bank and traditional financial institutions, to expand financial inclusion and meet the evolving needs of our customers and the economy,” he said.