SmartCash Payment Service Bank, the financial services arm of Airtel Nigeria, has reached nearly 3 million active users as it intensifies efforts to expand its digital banking footprint with a zero-fee model and a 15% annual interest rate on savings deposits. The company said the figure represents customers who have transacted within the last 30 days, a stricter definition of “active users” than the six-month benchmark commonly used by many banks. Internal data suggests activity levels over 60- and 90-day periods are significantly higher, indicating increasing engagement nationwide. PSBs Struggle for Scale Since the Central Bank of Nigeria introduced Payment Service Banks (PSBs) in 2018 to expand financial inclusion, telecom-led fintech services have struggled to translate their large s...