Source: Samson Akintaro/ Nairametrics
Smartcash Payment Service Bank (PSB) Limited, a subsidiary of Airtel Nigeria, said its customers can now receive international remittances in naira to their mobile wallets.
This is made possible through a partnership with Thunes, a cross-border payments infrastructure provider.
The company said the partnership will enable Smartcash PSB’s customers to receive inward remittances from countries worldwide directly into their Smartcash accounts by simply sharing their phone numbers, which also serve as their account numbers. Funds are sent rapidly at no charge to the recipient and can be accessed across the Smartcash agent network.
Since the Central Bank of Nigeria (CBN) announced the inclusion of naira as a payout option for diaspora remittances in July this year, financial service providers have been entering partnerships to facilitate this.
In August, MoMo PSB also signed a partnership agreement with Saana Capital LLC a licensed International Money Transfer Operator (IMTO) to facilitate seamless inbound and outbound transfers across Africa.
Solving remittance challenge
Speaking on the new service, the Managing Director of Smartcash PSB, Muyiwa Ebitanmi, said the service is set to solve another challenge with receiving funds from family and friends abroad.
- “This will help those financially excluded by providing a hassle-free and efficient solution for individuals in the diaspora looking to send money quickly to their loved ones in Nigeria.
- “We are delighted to partner with Thunes on cross-border transfers that bring unprecedented convenience and speed to international remittances, making it easier than ever for Nigerians to enjoy seamless transactions at a global scale via their Smartcash accounts. This service will not only improve the financial well-being of our customers but also contribute to the economic growth and spending capacity of Smartcash account holders in the country,” he said in a statement released by the company.
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The partnership
Commenting on the partnership, Vice President of Network Development, Middle East and Africa at Thunes Asma Ben Gamra, said:
- “Our partnership with Smartcash PSB aims to simplify transactions for millions of Nigerians in the US, Europe and beyond, making it easier for them to support their families back home. With a population of 224 million and an extensive international diaspora, Nigeria is one of the world’s largest markets for remittances, with $20.9 billion, paid in during 2022 according to the World Bank. Thunes has deep experience supporting banks and digital wallets to enable cross-border payments seamlessly, transparently, and in real-time.”
Smartcash PSB was launched in 2022 to help unbanked populations better access banking services and the digital economy.
The Central Bank of Nigeria granted the Payment Service Bank (PSB) license to entities and investors who seek to comply with its policies and obtain its objective, to enhance financial inclusion by increasing access to deposit products, payments, and remittance services to individuals, small businesses, low-income households and other financially excluded entities.
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Source: Samson Akintaro/ Nairametrics
