Airtel Smart Cash POS Charges 2024
The point-of-sale system linked to Airtel’s SmartCash mobile banking platform is known today to be Airtel Smart Cash POS. Customers using their phones are allowed to do business and equally accept digital payments using the platform.
Customers pay you electronically, instead of just cash in summary it helps your customers pay you digitally instead of cash which is not safe to carry around. This benefits you in a few ways:
- Convenience: Faster Transactions and more efficient for both you and your customers.
- Security: Handling cash is reduced and fraudulent bills are also risky.
- Wider Reach: customers who prefer digital payments are attracted.
So, yes, SmartCash does offer POS functionality through Airtel Smart Cash POS.
Charges in POS are crucial for business owners to understand. Your profit margin is affected by these margins. Knowing the charges helps you:
- To account for the cost of processing transactions Price your products/services accurately.
- Choose the one with the most competitive rates and Compare POS providers.
You can make smarter financial decisions for your business by being informed about POS charges.
Airtel Smart Cash POS Charges Breakdown
Rates that are Competitive for transactions are mostly offered by Airtel Smart Cash POS, making it an attractive option for businesses. Here’s a breakdown of the fee structure:
How much is Airtel smartcash POS?
- Transfer Fees: Regardless of the amount being sent a fixed fee of ₦15 applies to all transfers. This makes it cost-effective for smaller transactions.
- Withdrawal Fees: For withdrawals, Airtel uses a tiered fee structure:
- ₦5 per ₦1,000: maximum withdrawal of ₦20,000 is also applied. So, for a ₦10,000 withdrawal, you’d be charged ₦50 (₦5/₦1,000 * 10,000).
- ₦100 fixed fee: This applies to withdrawals exceeding ₦20,000. you’d be charged ₦100 for a ₦30,000 withdrawal,.
Other Potential Fees
- Inactivity Fees: For details on inactivity fees I recommended checking Airtel Smart Cash’s official resources. If your POS terminal is inactive for an extended period these are some charges that might apply.
What is the benefit of Airtel Smart Cash?
Several benefits are offered by Airtel Smart Cash, both for individual users and businesses:
Benefits of Airtel Smart Cash For Individuals:
Convenience
Easily your finances are managed through the mobile app. Included are all these sending and receiving money, buying airtime and data, and paying bills.
Security
Avoiding the hassle of dealing with counterfeit bills and Carrying cash with the risk involved is equally reduced.
Cost-effective
Included also are Free transfers to all banks in Nigeria in the Airtel Smart Cash offers, making it a budget-friendly option for sending money.
Financial Inclusion
Without having a traditional bank account, Airtel Smart Cash provides access to basic financial services.
For Businesses (using Airtel Smart Cash POS):
- Faster Transactions: Reducing waiting times so customers can pay quickly and easily using their phones.
- Increased Sales: Attract customers who prefer cashless transactions and expand your reach.
- Security: Security for your business is enhanced and the risk of Fraudulent bills is reduced equally with the risk of handling cash.
- Improved Efficiency: Manage transactions electronically, simplifying record-keeping and reconciliation.
Does SmartCash have a POS?
Yes, SmartCash offers POS functionality through Airtel Smart Cash POS.
Importantly, clarify that SmartCash itself might not be directly providing the POS systems, but rather partners with a mobile network operator like Airtel to offer this service. So, while searching for information, you might see references to both SmartCash and Airtel Smart Cash POS.
How to use Airtel SmartCash?
Interacting with their service is simple Airtel SmartCash offers two main ways to do this: through their mobile app and using USSD codes. Here’s a breakdown of how to use each:
Using the Airtel SmartCash App:
- App download: on the Google Play Store or App Store Search and download the app “Smartcash PSB”
- Register or Login: log in using your credentials if you are an existing user, If you’re a new user register for a SmartCash wallet.
- Explore Features: Once logged in explore the various features offered by the app, such as:
- Sending and receiving money (to other SmartCash users, bank accounts, or mobile numbers)
- Buying airtime and data for yourself or others
- Paying bills (electricity, water, cable TV, etc.)
- Making QR code payments at participating merchants
- Managing your account details and transaction history
Using USSD Codes:
- USSD code for Airtel SmartCash is *Dial 939#.
- Follow the Prompts: Options for various transactions will be provided in the USSD menu. Follow the on-screen instructions to complete your desired action. Here are some common options:
- Add Money (deposit cash through an agent)
- Send Money (to other SmartCash users or bank accounts)
- Buy Airtime
- Pay Bills
- Check Balance
- Withdraw Cash (generate a pay code to collect cash from an agent)
Is Airtel SmartCash legit?
Yes, Airtel SmartCash is a legitimate financial service in Nigeria. Here’s why:
- Licensed Operator: Airtel SmartCash is a Payment Service Bank (PSB) licensed by the Central Bank of Nigeria (CBN). This means they are authorized to provide specific financial services like money transfers, bill payments, and account management. You can verify their license on the CBN website.
- Established Backing: Airtel SmartCash is a wholly-owned subsidiary of Airtel Africa, a reputable telecommunications company with a presence in multiple African countries. This association adds credibility to their operations.
- Mobile App and Website: Airtel SmartCash has a functional website with information about their services, fees, and contact details. They also have a mobile app available on major app stores (Google Play Store and App Store). These aspects indicate a commitment to transparency and user accessibility.
Does Airtel Smartcash give a loan?
No, like I said earlier Airtel SmartCash itself likely doesn’t offer full-fledged loans like a traditional bank. However, it provides a service called Airtel Extra Credit, which functions more like a small, temporary advance.
Here’s the breakdown:
- Airtel Extra Credit lets you borrow airtime, not actual cash. This means you can use it to top up your phone for calls or data, but not for other expenses.
- The amounts are limited. Don’t expect to borrow a significant amount to cover a big bill. It’s intended for small, urgent top-ups.
- There’s a service charge. You’ll pay a fee on top of the borrowed amount.
Conclusion
Understanding the fees associated with Airtel Smart Cash POS is crucial for your business’s financial health. These charges affect your profit margin, so factor them into your pricing strategy.
FAQs
How much does it cost to apply for an Airtel Smart Cash POS terminal?
There’s a one-time application fee of N10,000.
Are there any monthly rental charges for the POS terminal?
Information on monthly rental fees isn’t readily available on the Airtel website. It’s advisable to contact Airtel directly for confirmation on this.
What are the charges for transferring money using an Airtel Smart Cash POS?
There’s a fixed fee of N15 for any transfer amount.
How much does it cost to withdraw cash using an Airtel Smart Cash POS?
The withdrawal fee depends on the amount:
N5 per N1,000 for withdrawals up to N20,000.
N100 fixed fee for withdrawals exceeding N20,000.
