The Chief Executive Officer of SmartCash Payment Service Bank (PSB), Ayotunde Kuponiyi, said the company would be strategic to Nigeria’s 80 per cent financial inclusion target.

Kuponiyi, who revealed that since the launch of SmartCash in 2022, the firm has grown its user base to three million, said SmartCash was launched with financial inclusion in mind.

Speaking in Lagos on Tuesday when the fintech announced ‘Zero Charge on All Transactions,’ he said the firm has doubled down on a zero-fee banking model and a market-leading 15 per cent yearly interest rate on savings deposits.

Aligning SmartCash vision with the Sustainable Development Goals (SDGs), Kuponiyi said: “There are seven global objectives adopted by the United Nations, and a very important aspect is financial inclusion… bringing more Nigerians into the formal banking system would enable small businesses to access capital, grow and create jobs.

Explaining the new campaign, the SmartCash PSB said under the new policy, customers will not be charged for peer-to-peer transfers, interbank transfers or bill payments. He said the bank has also eliminated SMS alert fees and other transaction-related costs. However, he said statutory stamp duty on transfers above N10, 000 would still apply, as it is payable to the government.

The savings product, which offers 15 per cent yearly interest compounded daily, is structured to credit earnings into customers’ accounts each day. Kuponiyi said customers would not be penalised for withdrawals and would continue to earn interest regardless of transaction frequency.

Beyond zero fees, SmartCash is offering incentives aimed at deepening wallet usage. Customers can receive up to 10 per cent cashback on airtime and data purchases made via the app or USSD code *939#.

Unlike many traditional savings accounts that restrict the number of withdrawals eligible for interest, Kuponiyi said SmartCash pays interest irrespective of how often customers access their funds, saying interest is calculated daily and credited daily, compounding automatically as each day’s earnings are added to the principal for the next calculation cycle.

Head of Legal, SmartCash, Ada Ubah, described the campaign as part of a broader effort to expand awareness and close access gaps.

“Through this campaign, we aim to increase awareness, expand access and reinforce our commitment to bridging the financial gap across communities,” she said.