Smartcash PSB eliminates fees on transfers and bills
A Nigerian mobile phone company removed all fees for money transfers and bill payments through its banking service. Smartcash Payment Service Bank, owned by Airtel Nigeria, stopped charging customers for transactions between banks and text message alerts under a program announced this week.
The bank said the policy will help households and small businesses reduce expenses while expanding access to financial tools. Millions of Nigerians rely on mobile payments for daily purchases and utility bills. The company expects more people to adopt digital banking after eliminating costs that previously discouraged some users.
The decision challenges standard pricing in Nigeria’s financial sector, where institutions typically charge for transfers and account services. Smartcash operates as a payment service bank, a category of institution authorized to offer basic banking functions with simplified requirements compared to traditional commercial banks.
