Smart Cash Payment Service Bank says it is removing transaction charges and paying competitive interest on savings to address the cost barriers that keep some Nigerians outside the formal financial system.
At the media launch of its zero-transaction-charge and daily interest payments on savings service in Lagos on Tuesday, the bank said the move is practical step toward easing the financial pressure on low-income earners, traders and small business owners.
According to the bank, the service, tagged “No Be Cho Cho Cho”, signals a shift from promises to practical action under the regulatory framework of the Central Bank of Nigeria (CBN).
Its Managing Director, Mr Ayotunde Kuponiyi, explained that millions of small traders and micro businesses still operate outside the banking system, often because of cost and trust concerns.
He said removing transaction fees was one way to lower the entry barrier and encourage wider participation in the digital economy.
Kuponiyi said, “For many small traders, those small charges matter. They may look insignificant, but over a month they reduce income. By removing them, we are saying your money should work for you, not against you.
“Financial inclusion is about real people; the woman selling in the market, the artisan, the small business owner. When they can save securely and move money freely, they grow their businesses and create jobs.
“This is not a short-term campaign. It is part of our long-term commitment to make digital banking accessible and affordable.”
He added that the bank’s savings product pays interest daily and does not penalise customers for frequent withdrawals, a feature he said was designed with informal earners in mind.
Ms Ada Uba, Head of Legal and Company Secretary of Smart Cash, said the bank, a subsidiary of Airtel Nigeria, received its payment service banking licence in 2022 and had since focused on expanding access to simple and affordable financial services.
She said the new campaign was designed to help more Nigerians connect to formal banking without feeling burdened by routine charges.
Also, Head of Product and Partnerships, Mr Oti Omaghomi, said the zero-charge policy applies to peer-to-peer transfers, transfers to other banks and bill payments.
He explained that customers could open accounts digitally using their National Identity Number or Bank Verification Number, in line with CBN regulations.
According to him, the bank leverages the nationwide network of its parent company to reach customers even in rural communities.
“We understand that access is not just about having an app. It is about coverage, reliability and simplicity. That is why we built the onboarding process to be straightforward and inclusive,” he said.
On trust and security, Omaghomi assured customers that transactions are monitored round the clock, with automatic reversals for failed transfers.
“Banking runs on trust. We have a 24-hour monitoring system and clear processes to resolve failed transactions quickly. Customers should feel confident that their funds are protected,” he said.
Also speaking, another official, Ms Obianuju Onwidi, said users who buy Airtel airtime or data through the platform receive instant cashback, in addition to free transfers and savings interest.
“The goal is simple; remove the fear, remove the hidden charges, and give customers value. When people feel respected by their bank, they stay,” she said.
