No more charges: Nigerian bank offers customers free transfers to Access, Zenith, UBA other banks

Smartcash Payment Service Bank, the fintech unit of Airtel Nigeria, has announced a new feature for its users called "free transfers to all banks".

The new feature allows free cash transfers to any bank account nationwide.

Speaking on the new feature, Kelechi Amogu, head of brand and communications at Smartcash PSB, said it is part of the company's determination to deliver exceptional value.

He said: “The campaign aligns with the organisation’s commitment to providing cost-effective financial solutions, alongside its ongoing drive for financial inclusion and financial literacy.”

“This initiative is not just about using our platform, but it unlocks a world of benefits and rewards. We believe in making financial transactions more accessible and rewarding for our users, and this campaign is a testament to our commitment to their financial well-being.

“With the standout feature of the introduction of zero charges for customers when transferring funds to other banks."

He noted that Smartcash users can now send money to friends, family, or business associates at no cost, further solidifying our commitment to providing cost-effective financial solutions.

He added: "Launching this new feature aims to redefine digital financial services, offering compelling incentives for both existing and new users to experience the convenience and advantages of using the Smart cash platform."

Access, GTB, UBA others to debit customers' bank accounts for FG

Earlier, Legit.ng also reported that the federal government instructed all Nigerian banks to debit customers with domiciliary accounts.

The debit is for old foreign currency transactions carried out between 2021 and 2023 by customers and will be remitted to the government. Access Bank, GTB, UBA, Zenith, and other commercial banks have sent messages to customers to expect the debits.

In a notice titled 'Important Notice: Electronic Money Transfer Levy Deductions Begin on Foreign Currency Transactions,' the First Bank of Nigeria announced that deductions would start promptly and be forwarded to the FIRS.