Nigerian fintech Smartsave bridges cash and digital worlds with trusted agent network

In a market where millions rely on daily cash transactions but are increasingly pulled toward digital services, startup SmartSave has launched a unique “Physical-Digital” platform that builds a bridge of trust between the two.

Founded by Eniola Temitope Taiwo, SmartSave tackles one of the most persistent pain points in financial inclusion: how to get cash-earning individuals – from market traders and artisans to domestic workers – to start saving digitally when they distrust purely app-based systems.

“The idea came from watching my own family and community,” Taiwo explained. “They wanted the security and convenience of digital savings but needed a tangible, familiar entry point. They trusted a person in their neighbourhood more than a screen on their phone.”

Smartsave’s innovation is its network of trusted local agents. Users start their journey by making cash deposits with an agent in their community. This physical transaction is instantly logged into the user’s digital Smartsave wallet via a dedicated agent app. Once the cash is digitally secured, users can then manage their savings, track their goals, and crucially, pay everyday bills like electricity, airtime, and TV subscriptions directly from their balance – all from their smartphone.

“I started by validating the core need,” Taiwo said. “I spoke with hundreds of potential users. The desire to move away from hiding cash at home was universal, but the fear of navigating complex apps alone was a major blocker. The agent model was the immediate solution.”

This validation proved right. Since its launch, Smartsave has grown to over 11,000 registered users, who have entrusted the platform with over ₦200 million in savings and transactions. The model shows remarkable stickiness, with a monthly user retention rate of 85%.

“The most exciting metric is our migration rate,” Taiwo added. “We see that over 40% of users who start with cash deposits through an agent become fully active digital users within weeks, using the app independently for bill payments and savings tracking. That’s the bridge in action.”

Having proven its model in Lagos, Smartsave is now planning its expansion across Nigeria, with a vision to become the most trusted gateway to digital financial services for cash-based communities.