Smartcash Payment Service Bank has introduced a zero charge transaction policy and a savings product offering 15 percent interest per annum, paid daily, in a move aimed at deepening financial inclusion. The announcement was made at a press briefing in Lagos, where the bank unveiled its new campaign and conducted a live demonstration of transfers to other Nigerian banks without fees, confirming the removal of transaction costs.
Managing Director and Chief Executive Officer, Tunde Kuponiyi, said the bank’s strategy aligns with global and national inclusion targets. Referencing the United Nations development framework, he noted that financial inclusion remains central to economic growth and poverty reduction. He added that the initiative supports the inclusion drive of the Central Bank of Nigeria, stressing that bringing more Nigerians into the formal financial system would enable small businesses to access funds, expand operations and generate employment.
Kuponiyi disclosed that Smartcash obtained its payment service bank licence in 2022 and commenced operations the same year, building its offerings around affordability and access. He stated that customers would not be charged for peer to peer transfers or bill payments, while the savings product delivers 15 percent annual interest compounded daily without penalising withdrawals.
During the event, the bank demonstrated instant transfers free of charges, though it clarified that statutory stamp duty on transactions above ten thousand naira remains applicable. Head of Legal, Ada Ubah, said the campaign is designed to expand awareness and bridge financial gaps across communities.
On customer onboarding, the bank said users can register with any mobile network by downloading the app, verifying identity through National Identification Number or Bank Verification Number, completing facial capture and setting a four digit PIN, with the phone number serving as the account number. Airtel subscribers are eligible for a 10 percent instant cashback on airtime and data purchases.
The bank added that it leverages the nationwide reach of Airtel Nigeria across all 774 local government areas and currently serves nearly three million active customers. Kuponiyi assured that failed transactions are automatically reversed and maintained that the zero charge policy will remain in place as long as its inclusion objectives are being met.