SmartCash Payment Service Bank, the mobile financial services arm of Airtel Nigeria, has entered into a strategic partnership with Leadway Assurance to provide motorists with direct access to third-party motor insurance through its digital platforms.
The new service allows users to purchase or renew their motor insurance policies using the SmartCash mobile app or USSD (*939#), removing the need for physical documentation or intermediaries.
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Insurance certificates are issued electronically upon payment, making the entire process seamless and paperless.
This collaboration addresses a major challenge in Nigeria’s automotive insurance market, where a large proportion of vehicles remain uninsured due to delays, limited access, and prevalence of counterfeit certificates.
The integration of insurance services into the SmartCash ecosystem is expected to increase coverage rates by simplifying the process for millions of drivers, particularly in underserved areas.
Leadway’s existing infrastructure for digital policy issuance supports real-time underwriting, enabling instant activation of coverage and reducing the typical turnaround time associated with manual insurance processes.
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For SmartCash, this move expands its financial services offering beyond payments and deposits, positioning the platform as a broader tool for financial inclusion. It follows a broader trend among fintech providers integrating insurance, credit, and savings features within their mobile ecosystems.
The digital insurance service is expected to lower distribution costs, improve customer trust, and reduce reliance on agents and third-party channels.
It also has the potential to minimize fraud and data inconsistencies by centralizing verification and certificate issuance.
Additional product enhancements are under consideration, including the possible rollout of comprehensive motor insurance, roadside assistance, and flexible payment options for insurance premiums.
This partnership reflects ongoing efforts in Nigeria’s financial and insurance sectors to leverage technology for wider service delivery and compliance with statutory insurance requirements.
