Banking
SmartCash Champions Proof-Led Digital Banking With ‘No Be Cho Cho Cho’ Campaign
By Modupe Gbadeyanka
A nationwide marketing campaign signalling a strategic shift toward proof-led messaging in Nigeria’s fast-evolving fintech sector has been launched by Smartcash Payment Service Bank (PSB).
At the unveiling of this initiative in Lagos on Tuesday, the Airtel-owned digital financial services platform said the No Be Cho Cho Cho campaign represents a new chapter for Smartcash, following its earlier Money Matter Na Sense positioning, reflecting the company’s rapid growth and increasing role in Nigeria’s digital financial ecosystem. The platform now serves nearly three million active wallets, with users spanning students, traders, households and small businesses across the country.
The phrase, Cho Cho Cho, a popular expression in Nigerian street parlance meaning “talking without action,” is used deliberately by the company to challenge the hype-driven marketing culture that has often characterised the fintech sector. Instead, Smartcash says the campaign will focus on demonstrable performance and measurable value for customers, which means “Smartcash dey show workings”.
The initiative centres on the three pillars of reliability, transparency and demonstrable service delivery and addresses what the company describes as a widening trust gap in Nigeria’s digital payments market.
The chief executive of Smartcash PSD, Mr Ayotunde Kuponiyi, described financial inclusion as a critical pillar of the United Nations Sustainable Development Goals, noting that with the launch of No Be Cho Cho Cho, the firm is proving its commitment to this vision.
“We have built an accessible banking service that breaks barriers for everyone, from corporate executives to the previously unbanked, pulling them from the sidelines to centre stage. Through our flagship zero-charge service, we promise no fees on P2P transfers or bill payments.
“Furthermore, our savings account offers 15 per cent per annum compounded interest, paid daily without penalties. Unlike conventional banks, we charge you nothing, ensuring your money truly works for you,” he explained to newsmen at the event.
Smartcash’s zero-charge model, which eliminates fees on transfers and bill payments, has become one of the platform’s defining features, alongside instant transfers and everyday payments for utilities, airtime, data and cable TV.
Mr Kuponiyi noted that the campaign reflects a broader philosophy of accountability in digital finance, saying, “Nigerians have experienced inconsistency and unclear charges across various platforms in the past. With No Be Cho Cho Cho, we are saying clearly: don’t just listen to what we say; experience the proof.”
Smartcash operates as a PSB licensed by the Central Bank of Nigeria and is wholly owned by Airtel Nigeria, a part of the Airtel Africa Group, which operates across 14 countries. This backbone allows the platform to serve customers through both smartphone applications and USSD channels, enabling access for users without smartphones or traditional bank accounts.
Beyond consumer banking, the platform is also expanding its footprint through a nationwide network of agents that facilitate transactions and financial services in underserved communities.
Providing further insight into the bank’s financial architecture and long-term roadmap, Mr Kuponiyi emphasised that the campaign reflects the strength of the institution’s operational foundation.
“At Smartcash, we have matched our ambitious growth targets with disciplined investment in secure, high-volume processing capabilities. The No Be Cho Cho Cho initiative is a testament to our financial health and our unwavering focus on driving financial inclusion through sustainable incentives that provide real value to the Nigerian economy,” he said.
As part of the rollout, the No Be Cho Cho Cho campaign will run nationwide across television, radio, outdoor advertising and digital platforms, targeting young, mobile-first consumers while also reaching traders and small businesses through agent networks and USSD channels.
For Smartcash, the campaign marks more than a marketing refresh; it signals an attempt to redefine how financial technology companies communicate with Nigerian consumers in an increasingly competitive sector.
As Kuponiyi concluded at the launch: “The evidence is plenty. Nigerians can see it for themselves.”
By Aduragbemi Omiyale
An initiative known as Nigeria Lightning Rounds, designed to expand funding opportunities for Nigerian startups and small businesses by connecting founders with local and international investors, has been launched by ProvidusUnity Bank, in partnership with US-based global venture firm and accelerator, gener8tor.
Scheduled to be held on July 15, 2026, Nigeria Lightning Rounds will feature carefully selected startups engaging with targeted investors who have expressed interest in supporting Nigerian innovation.
Participating founders will have the opportunity to pitch their businesses through focused 15-minute virtual sessions facilitated by gener8tor and ProvidusUnity Bank’s networks.
The program will focus on high-growth sectors including fintech, healthtech, manufacturing, sustainability, and AI, but welcomes SMEs from all industries, with intending participants urged to apply via https://www.gener8tor.com/lightning-rounds/nigeria.
“We recognise that access to capital remains one of the biggest challenges facing entrepreneurs in Nigeria. Through our partnership with gener8tor, we are creating a platform that connects promising Nigerian founders with investors who can provide the support required to scale their businesses,” the Head of Business Development at ProvidusUnity Bank, Mr Ernest Elue, stated.
“The partnership reinforces ProvidusUnity Bank’s commitment to strengthening Nigeria’s entrepreneurial ecosystem by supporting innovation, enabling access to opportunities, and creating pathways for businesses with high-growth potential,” he added.
Also commenting, the Director of Lightning Rounds at gener8tor, Ms Elizabeth Larios, said, “gener8tor is thrilled to partner with ProvidusUnity Bank to extend the Lightning Rounds model into Nigeria.
“This collaboration reflects our commitment to building equitable ecosystems and driving capital to the most promising and underrepresented entrepreneurs.”
Lightning Rounds are a signature initiative of gener8tor’s investment platform, which has facilitated thousands of investor-startup meetings globally. The format is optimised to eliminate friction, reduce bias in early-stage fundraising, and help founders secure capital from investors aligned with their mission and stage. gener8tor’s previous Lightning Rounds for Nigerian Founders in 2025 featured 18 participating Investors and led to 50 investment meetings facilitated.
By Modupe Gbadeyanka
The verification of the depositors of the 46 microfinance banks, whose operating licenses were revoked by the Central Bank of Nigeria (CBN) over a week ago, has commenced.
The exercise, aimed at refunding those whose funds were trapped in the small lenders, is being conducted by the Nigeria Deposit Insurance Corporation (NDIC).
In a statement on Thursday, the agency said its staff members have been positioned at the offices of the affected banks across the country to attend to depositors.
It was disclosed that depositors of the defunct banks, who had their Bank Verification Numbers (BVNs) linked to their accounts in the failed banks, will be paid through their alternative accounts in existing banks.
However, depositors whose BVNs were not linked to their accounts in the failed banks have been encouraged to visit the affected banks’ offices with proof of account ownership, a passport photograph, verifiable means of identification (Driver’s Licence, Permanent Voter’s Card, International Passport or National ID Card) and BVN.
NDIC also stated that depositors can alternatively file their claims online through its website: www.ndic.gov.ng, to complete the Pre-Verification Claims Form by clicking on the Search Bar, and typing Pre-Verification Claims Form; opening the Form and filling in their details. They can also do so by clicking the link: https://ndic.gov.ng/ndic-pre-verification-claims-form/ or by visiting any of the NDIC offices closest to them to file their claims.
For further enquiries, the corporation can be reached on any of the following lines: 09037273810, 09038197064, 08104220807, 09064657140.
By Adedapo Adesanya
Nigeria’s Bank Verification Number (BVN) enrolment has slowed significantly in 2026 following the introduction of a stricter regulatory framework by the Central Bank of Nigeria (CBN), with the latest data from the Nigeria Inter-Bank Settlement System (NIBSS) showing that registrations are on course to fall well below last year’s record.
The BVN database stood at 69.55 million as of July 5, 2026, up from 69.32 million in June, indicating that only 228,947 new registrations were recorded over the period. Since the end of 2025, when the database stood at 67.8 million, total enrolments have increased by 1.75 million.
At the current pace, however, BVN registrations are unlikely to match the 4.3 million new enrolments recorded in 2025, suggesting a sharp deceleration in growth this year.
The slowdown comes after the CBN introduced a revised BVN regulatory framework in March, with the new rules taking effect on May 1, 2026. The framework tightened controls around enrolment, identity verification and fraud monitoring as part of efforts to strengthen the integrity of the banking system.
Among the key changes was the introduction of a minimum enrolment age of 18 years, effectively preventing minors from registering for a BVN.
The new framework also limits customers to a one-time change of the phone number linked to their BVN and requires financial institutions to place BVNs linked to suspected fraudulent transactions on a temporary watch-list for up to 24 hours while investigations are carried out.
The stricter rules contrast with last year’s surge in registrations, which was largely driven by the introduction of the Non-Resident Bank Verification Number (NRBVN) initiative that enabled Nigerians in the diaspora to complete BVN enrolment remotely, removing physical barriers and expanding access to the financial system.
Launched on February 14, 2014, the BVN scheme was introduced by the CBN in collaboration with the Bankers’ Committee, NIBSS and German technology firm Dermalog to assign every bank customer a unique biometric identity that can be verified across Nigeria’s banking industry.
